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TMI BlogGeneral obligations of the acquirer.X X X X Extracts X X X X X X X X Extracts X X X X ..... the company are listed. (3) The acquirer shall ensure that the letter of offer is sent to all the shareholders (including non-resident Indians) of the target company, whose names appear on the register of members of the company as on the specified date mentioned in the public announcement, so as to reach them within 45 days from the date of public announcement: Provided that where the public announcement is made pursuant to an agreement to acquire shares or control over the target company, the letter of offer shall be sent to shareholders other than the parties to the agreement. Explanation.-(i) A copy of the letter of offer shall also be sent to the Custodians of Global Depository Receipts or American Depository Receipts to enable such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t made under the proviso to sub-regulation (1) of regulation 14, the provisions of sub-regulation (8) of regulation 23 shall be applicable :] 5[Provided further that where the acquirer, other than the acquirer who has made an offer under regulation 21A, after assuming full acceptances, has deposited in the escrow account hundred per cent of the consideration payable in cash where the consideration payable is in cash and in the form of securities where the consideration payable is by way of issue, exchange or transfer of securities or combination thereof, he may be entitled to be appointed on the Board of Directors of the target company after a period of twenty-one days from the date of public announcement.] (8) Where an offer is made cond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... obligations under the public offer and suitable disclosures in this regard shall be made in the public announcement of offer. (12) The acquirer shall, within a period of 6[fifteen] days from the date of the closure of the offer, complete all procedures relating to the offer including payment of consideration to the shareholders who have accepted the offer and for the purpose open a special account as provided under regulation 29 : Provided that where the acquirer is unable to make the payment to the shareholders who have accepted the offer before the said period of 7[fifteen] days due to non-receipt of requisite statutory approvals, the Board may, if satisfied that non-receipt of requisite statutory approvals was not due to any wilful def ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny provisions of this regulation, the agreement for such sale shall not be acted upon by the seller or the acquirer: 10[Provided that in case of the acquisition of shares of a Public Sector Undertaking pursuant to a public announcement made under the Regulations, the provisions of sub-regulation (8) of regulation 23 shall be applicable.] 11[(17) Where the acquirer or persons acting in concert with him has acquired any shares in terms of sub-regulation (7) of regulation 20 at a price equal to or less or more than the offer price, he shall disclose the number, percentage, price and the mode of acquisition of such shares to the stock exchanges on which the shares of the target company are listed and to the merchant banker within 24 hours of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2004, w.e.f. 3-9-2004. 7. Substituted for "10" by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 1998, w.e.f. 28-10-1998. 8. Substituted for "10" by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 1998, w.e.f. 28-10-1998. 9. Substituted for "10" by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 1998, w.e.f. 28-10-1998. 10. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2001, w.e.f. 17-8-2001. 11. Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regula ..... X X X X Extracts X X X X X X X X Extracts X X X X
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