Exemption from open offer obligation: Board may grant conditional relief preserving investor protection and procedural safeguards. The Board may grant exemptions from open offer obligations and relax procedural requirements under Chapters III and IV for reasons recorded in writing, subject to investor-protection conditions. Relaxation is linked to target companies whose boards have been superseded and which propose a transparent, competitive acquisition plan that is fair, specifies timing and manner of change of control, and does not favour a particular acquirer. Applicants must file details and the prescribed fee; the Board will hear parties, may consult experts, issue a reasoned order, and publish it on its website.