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GAZETTE OF EXTRA-ORDINARY PART II - SECTION 3 - SUB-SECTION (ii) PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF Mumbai, NOTIFICATION SECURITIES AND EXCHANGE BOARD OF �������
(SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) (AMENDMENT) REGULATIONS, 2004 S.O. 982 (E).
In exercise of the powers conferred by Section ��30 of the Securities and Exchange Board of
India Act, 1992 (15 of 1992), the Board hereby makes the following regulations
to amend the Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997, namely:- �
1. �(i) These regulations may be called the Securities and
Exchange Board of��� India �(Substantial Acquisition of Shares and
Takeovers) (Amendment) Regulations, 2004. ����
���(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 (i)
in
regulation 3, in sub-regulation (1), after clause (j), the following shall be
inserted , namely- �(ja)
change in control by takeover of management of the borrower target company by
the secured creditor or by restoration of management to the said target company
by the said secured creditor in terms of the Securitization and Reconstruction
of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of
2002)�.� � (ii)
in
regulation 16, after clause (vi) the following shall be inserted, �namely : - �(via) the
existing shareholding, if any, of the merchant banker in the �target company ;� (iii)
in
regulation 20,� (a) in sub-regulation (3), for the words
�twenty one days� the words �seven days� shall be substituted. (b) in sub-regulation (4), in clause (c)
the word �closing� appearing after the words �the daily high and low of the�
and before the words �prices of the shares��
shall be omitted. �������� (iv)
in
regulation 21, in sub-regulation (5), (a) the comma bracket and figure ��, (2)��
shall be omitted. (b) for the figure and word �30 days� the
words �fifteen days� shall be substituted. ������������
��(v) ��� ���in
regulation 22, ����� (a) �in sub-regulation (4),
for the words �sixtieth day� the words �fifty fifth day shall be substituted. (b) in sub-regulation (5), for the figure and word �30 days� the
words �twenty days� shall be substituted. �������� (c)�
in sub-regulation (12) and the proviso thereto,
for the figure and word �30 days� wherever they appear the words �fifteen days�
shall be substituted. (vi)���� in regulation 24,
(a)������� in
sub-regulation (1) after clause (d), the following shall be inserted, namely :
- �(e) his shareholding, if any in the
target company is disclosed in the public announcement and the letter of
offer�. (b)
after
sub-regulation (5), the following shall be inserted, namely :- �(5A) The merchant banker shall not
deal in the shares of the target company during the period commencing from the
date of his appointment in terms of regulation 13 till the expiry of the fifteen
days from the date of closure of the offer.���
(vii) ����� in regulation 28,
in sub-regulation (6) ,for the figure and word �30 days� the words �twenty
days� shall be substituted. (viii)������ in regulation 29,
in� �sub-regulation (1), for the figure and word
�21 days� the words �seven days� shall be substituted. ����������� (ix)������ in regulation 34, in sub-regulation
(6), for the words �thirty days� the words �twenty days� shall be substituted. [F. No. SEBI/LAD/DOP/ 18665 /2004] ��������������������������������������������� �����������������������������G.N.
BAJPAI ����������������������������������������������������������������������
���CHAIRMAN Securities and��
Exchange Board of Footnote: ����� The SEBI (Substantial Acquisition of
Shares and Takeovers) Regulations, 1997 (the said Regulations) were published
in the Gazette of India on ���� �Subsequently
a Corrigendum was published in the Gazette of India, Extra- Ordinary on ����� The said Regulations were subsequently
amended by � 1. SEBI (Substantial
Acquisition of Shares and Takeovers)(Amendment)
Regulations, 1998 published in the Official Gazette vide S.O. 930(E) dated 2. SEBI (Appeal to the Securities
Appellate Tribunal) (Amendment) Regulations, 2000, published in the Official
Gazette vide S.O.278(E) dated 3.�� SEBI (Substantial Acquisition of Shares and
Takeovers) (Amendment) Regulations, 2000 published in the Official Gazette vide S.O. 1178 (E) dated 4.� SEBI (Substantial Acquisition of Shares and
Takeovers) (Amendment) Regulations, 2001 published
in the Official Gazette
vide S.O. 791 (E) dated ����� 5.�� SEBI
(Substantial Acquisition of Shares and Takeovers) (Second Amendment)
Regulations, 2001 published
in the Official Gazette
vide S.O. 875 (E) dated 6.
SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment)
Regulations, 2001 published in the Official
Gazette vide S.O. 1058
(E) dated 7. SEBI (Substantial Acquisition��
of Shares and Takeovers) (Amendment) Regulations, 2002 published in the Official
Gazette vide S.O.
127(E) dated 8. SEBI (Substantial Acquisition��
of Shares and Takeovers) (Second Amendment) Regulations, 2002 published in the Official
Gazette vide S.O.
954(E) dated 9. SEBI (Substantial Acquisition��
of Shares and Takeovers) (Third Amendment) Regulations, 2002 published in the Official
Gazette vide S.O.1328 (E)
dated �*********** |
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