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TMI BlogSecurities And Exchange Board of India (Substantial Acquisition of Shares And Takeovers) (Amendment) Regulations, 2001.X X X X Extracts X X X X X X X X Extracts X X X X ..... d of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2001. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the Regulations )- (a) In Regulation 2, in sub-regulation (1), (i) after clause (c), the following clause shall be inserted, namely:- (cc) disinvestment means the sale by the Central Government, of its shares or voting rights and / or control, in a listed Public Sector Undertaking. (ii) after clause (i), the following clause shall be inserted, namely:- (ii) Public Sector Undertaking mean ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) in sub-regulation (2), after clause (d) the following Explanation shall be added ; namely :- Explanation : In case of disinvestment of a Public Sector Undertaking, the relevant date for the calculation of the average of the weekly high and low of the closing prices of the shares of the Public Sector Undertaking, as quoted on the stock exchange where its- shares are most frequently traded, shall be the date preceding the date when the Central Government (after receiving the cabinet approval) announces the name of the successful bidder. (ii) in sub-regulation (3), after sub-clause (i) to the Explanation, a new sub-clause shall be inserted, namely :- (ia) In case of disinvestment of a Public Sector Undertaking, the shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -clause shall be inserted, namely:- (2A) No public announcement for an offer or competitive bid shall be made after the Central Government has entered into a Share Purchase or Shareholders Agreement with the acquirer who has made the public announcement for acquisition of shares or voting rights or control of a Public Sector Undertaking. [F. No. SEBI/LE/34699/2001] D. R. MEHTA, Chairman Footnote :- (1) SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, the principal regulation, was published in the Gazette of India on February 20, 1997, vide SO No. 124(E). (2) Subsequently a Corrigendum was published in the Gazette of India Extraordinary on February 6, 1998, vide S.O. No 106(E). (3) It ..... X X X X Extracts X X X X X X X X Extracts X X X X
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