Right of promoter to reject a book-built price or make a counteroffer with counter price not below certified book value. Regulation 16 permits the acquirer or promoter to reject the book-built offer price and, within a short prescribed period, make a counteroffer to public shareholders provided the counter price is not less than the company's book value as certified by the merchant banker. If the acquirer or promoter declines the discovered price, they shall not acquire tendered shares, deposited or pledged shares under Schedule II must be returned or released within ten working days of bidding closure, the company shall not file the final delisting application, and the acquirer or promoter may close the escrow account.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Right of promoter to reject a book-built price or make a counteroffer with counter price not below certified book value.
Regulation 16 permits the acquirer or promoter to reject the book-built offer price and, within a short prescribed period, make a counteroffer to public shareholders provided the counter price is not less than the company's book value as certified by the merchant banker. If the acquirer or promoter declines the discovered price, they shall not acquire tendered shares, deposited or pledged shares under Schedule II must be returned or released within ten working days of bidding closure, the company shall not file the final delisting application, and the acquirer or promoter may close the escrow account.
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