Regulation 29A - Relaxation from the strict compliance of provisions of Chapter III in certain cases.
Securities And Exchange Board of India(Substantial Acquisition of Shares And Takeovers) Regulations, 1997 Chapter III SUBSTANTIAL ACQUISITION OF SHARES OR VOTING RIGHTS IN AND ACQUISITION OF CONROL OVER A LISTED COMPANY
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Regulatory relaxation of takeover provisions permits exemptions to implement government appointed restructuring plans in public interest. Regulation 29A empowers the regulator to relax one or more Chapter III takeover provisions on application by a target company where a government or ... Summary
Regulatory relaxation of takeover provisions permits exemptions to implement government appointed restructuring plans in public interest.
Regulation 29A empowers the regulator to relax one or more Chapter III takeover provisions on application by a target company where a government or regulatory authority has removed the board and appointed new directors who submit a transparent, competitive plan not favouring any acquirer. The process must be reasonable and fair, specify timing and manner of any change in control and public offer, and demonstrate that strict compliance would impede implementation; relief is permissible if it serves public interest, investor protection and market interests and may be subject to conditions.
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