Failure of offer requires return of deposited shares, bars final delisting application and mandates escrow closure. Regulation 19 deems an offer rejected under regulation 16 or unsuccessful under regulation 17 to be a failure of offer, preventing acquisition of equity shares. On failure, deposited or pledged shares must be returned within ten working days from the end of the bidding period, except where the offer is pursuant to regulation 5A of the Substantial Acquisition and Takeovers rules; no final delisting application shall be made and the escrow account opened for the offer must be closed.
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.
Failure of offer requires return of deposited shares, bars final delisting application and mandates escrow closure.
Regulation 19 deems an offer rejected under regulation 16 or unsuccessful under regulation 17 to be a failure of offer, preventing acquisition of equity shares. On failure, deposited or pledged shares must be returned within ten working days from the end of the bidding period, except where the offer is pursuant to regulation 5A of the Substantial Acquisition and Takeovers rules; no final delisting application shall be made and the escrow account opened for the offer must be closed.
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