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THE GAZETTE OF EXTRAORDINARY PART –III– SECTION 4 PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF NOTIFICATION MUMBAI, Securities
and Exchange Board of (Substantial Acquisition of Shares and
Takeovers) (Amendment)
Regulations, 2008 No. 1. (i)
These regulations may be called the Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2008. (ii)
These regulations shall come into force on the date of their publication in
the Official Gazette. 2.
In the Securities and Exchange Board of (1)
in regulation 11, (i) in sub-regulation (2), (a) after the words ‘additional shares’ the words ‘entitling him
to exercise voting rights’ shall be inserted; (b)
after the first proviso, the following proviso shall
be inserted, namely:- “Provided
further that such acquirer may, without making a public announcement under
these Regulations, acquire, either by
himself or through or with persons acting in concert with him, additional
shares or voting rights entitling him upto five per
cent.(5%) voting rights in the target company subject to the following:- (i)
the acquisition is made through open market purchase
in normal segment on the stock exchange but not through bulk deal /block deal/ negotiated
deal/ preferential allotment; or the increase in the shareholding or voting
rights of the acquirer is pursuant to a buy back of shares by the target
company; (ii)
the post acquisition
shareholding of the acquirer together with persons acting in concert with him shall
not increase beyond seventy five per cent.(75%). ” (ii) in sub-regulation (2A), the word ‘only’ occurring after the
words ‘may do so’ and before
the words ‘by making a public announcement’ shall be omitted. C. B. BHAVE CHAIRMAN SECURITIES Footnote: 1. The SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the said
Regulations) were published in the Gazette of India on 2. Subsequently a Corrigendum was published in
the Gazette of India, Extra- Ordinary on 3. The said Regulations were subsequently
amended by – (a) SEBI
(Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 1998
published in the Official Gazette vide S.O. 930(E) dated (b) SEBI (Appeal to the Securities
Appellate Tribunal) (Amendment) Regulations, 2000, published in the Official
Gazette vide S.O.278(E) dated (c) SEBI (Substantial Acquisition of
Shares and Takeovers) (Amendment) Regulations, 2000 published in the Official
Gazette vide S.O. 1178 (E) dated (d) SEBI (Substantial Acquisition of
Shares and Takeovers) (Amendment) Regulations, 2001 published in the Official
Gazette vide S.O. 791 (E) dated (e) SEBI (Substantial
Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2001
published in the Official Gazette vide S.O. 875 (E) dated (f) SEBI
(Substantial Acquisition of Shares and Takeovers) (Third Amendment)
Regulations, 2001 published in the Official Gazette vide S.O. 1058 (E) dated (g) SEBI (Substantial
Acquisition of Shares and Takeovers) (Amendment) Regulations, 2002 published in
the Official Gazette vide S.O. 127(E) dated (h) SEBI (Substantial
Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002
published in the Official Gazette vide S.O. 954(E) dated (i)
SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment)
Regulations, 2002 published in the Official Gazette vide S.O.1328 (E) dated (j)
SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations,
2004 published in the Official Gazette vide S.O. 982
(E) dated (k) SEBI
(Substantial Acquisition of Shares and Takeovers) (Second Amendment)
Regulations, 2004 published in the Official Gazette vide S.O. 5 (E) dated 30th December, 2004 and effective
from 03.01.05. (l)
SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations,
2006 published in the Official Gazette vide S.O. 807 (E) dated (m) SEBI (Substantial Acquisition of
Shares and Takeovers) (Second Amendment) Regulations, 2006 published in the
Official Gazette vide S.O. 1330 (E) dated (n) SEBI (Manner of
Service of Summons and Notices issued by the Board) (Amendment) Regulations,
2007 published in the Official Gazette vide F.No. SEBI/LAD/DOP/2232/2007
dated (o) SEBI (Substantial Acquisition of
Shares and Takeovers) (Amendment) Regulations, 2007 published in the Official Gazette vide F.No. No. 11/LC/GN/2007/2519 dated (p) SEBI (Payment of Fees) (Amendment)
Regulations, 2008 published in the Official Gazette vide F.
No.11/LC/GN/2008/21669 dated
31st March, 2008. |