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<h1>Exemption from open offer obligation: Board may grant conditional relief preserving investor protection and procedural safeguards.</h1> 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 Relaxation is linked to target companies whose boards have been superseded and which propose a transparent, competitive acquisition plan that is fair, specifies timing and manner of change of control, and does not favour a particular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.