TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>SEBI Amends Regulation 28: Forfeited Funds Now Benefit Target Company, Investor Fund, and Shareholders Equally</h1> The amendments to the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, modify regulation 28. Sub-regulation (12) now requires that, in case of forfeiture for non-fulfillment of obligations, the entire amount is given to the merchant banker for distribution: one-third to the target company, one-third to the Investor Protection and Education Fund, and one-third pro-rata among shareholders who accepted the offer. Sub-regulation (13) changes the destination of proceeds to the Investor Protection and Education Fund, replacing the previous requirement to credit a regional stock exchange fund.
TaxTMI 
TaxTMI 
