9911796707
TMI BlogOther proceduresX X X X Extracts X X X X X X X X Extracts X X X X ..... rd or where no comments are offered by the Board, within seven working days from the expiry of the period stipulated in sub-regulation (4) of regulation 16: 2[Explanation: (i) Letter of offer may also be dispatched through electronic mode in accordance with the provisions of Companies Act, 2013. (ii) On receipt of a request from any shareholder to receive a copy of the letter of offer in physical format, the same shall be provided. (iii) The aforesaid shall be disclosed in the letter of offer.] Provided that where local laws or regulations of any jurisdiction outside India may expose the acquirer or the target company to material risk of civil, regulatory or criminal liabilities in the event the letter of offer in its final form were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... blic statement pursuant to the public announcement was made; and (c) simultaneously with the issue of such an announcement, inform the Board, all the stock exchanges on which the shares of the target company are listed, and the target company at its registered office. (6) The acquirer shall disclose during the offer period every acquisition made by the acquirer or persons acting in concert with him of any shares of the target company in such form as may be specified, to each of the stock exchanges on which the shares of the target company are listed and to the target company at its registered office within twenty-four hours of such acquisition, and the stock exchanges shall forthwith disseminate such information to the public: Provided ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) Shareholders who have tendered shares in acceptance of the open offer shall not be entitled to withdraw such acceptance during the tendering period. (10) The acquirer shall, within ten working days from the last date of the tendering period, complete all requirements under these regulations and other applicable law relating to the open offer including payment of consideration to the shareholders who have accepted the open offer. (11) The acquirer shall be responsible to pursue all statutory approvals required by the acquirer in order to complete the open offer without any default, neglect or delay: Provided that where the acquirer is unable to make the payment to the shareholders who have accepted the open offer within such period owin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pecified within five working days after the offer period, giving details including aggregate number of shares tendered, accepted, date of payment of consideration. (b) Such advertisement shall be,- (i) published in all the newspapers in which the detailed public statement pursuant to the public announcement was made; and (ii) simultaneously sent to the Board, all the stock exchanges on which the shares of the target company are listed, and the target company at its registered office. ************** NOTES:- 1. Inserted vide Notification No. LAD-NRO/GN/2014-15/28/542 dated 24-03-2015 2 Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2018, w.e.f. 11-09-2018. 3 Substituted by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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