Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997


Section
Section Title
  INTRODUCTION
  1. Short title and commencement
  2. Definitions
  3. Applicability of the Regulations
  4. The takeover panel
  5. Power of the Board
  6. Transitional provision
  7. Acquisition of 5 per cent and more shares or voting rights of a company
  8. Continual disclosures
  9. Power to call for information
  Acquisition of 315 per cent or more of the shares or voting rights of any company
  11. Consolidation of holdings
  12. Acquisition of control over a company
  13. Appointment of a merchant banker
  14. Timing of the public announcement of offer
  15. Public announcement of offer
  16. Contents of the public announcement of offer
  17. Brochures, advertising material, etc
  18. Submission of letter of offer to the Board
  19. Specified date
  20. Minimum offer price
  21. Minimum number of shares to be acquired
  22. General obligations of the acquirer
  23. General obligations of the Board of Directors of the target company
  24. General obligations of the merchant banker
  25. Competitive bid
  26. Upward revision of offer
  27. Withdrawal of offer
  28. Provision of escrow
  29. Payment of consideration
  30. Bail out takeovers
  31. Manner of acquisition of shares
  32. Manner of evaluation of bids
  33. Person acquiring shares to make an offer
  34. Person acquiring shares to make public announcement
  35. Competitive bid
  36. Exemption from the operations of Chapter III
  37. Acquisition of shares by a State level public financial institution
  38. Board's right to investigate
  39. Notice before investigation
  40. Obligations on investigation by the Board
  41. Submission of report to the Board
  42. Communication of findings
  43. Appointment of auditor
  44. Directions by the Board
  45. Penalties for non-compliance
  46. Appeal to the Central Government
  47. Repeal and saving



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