Buyback offer timing rules require specified opening periods and proportional acceptance with prescribed verification timelines. Regulation 9 sets procedural requirements for buyback offers: announce a record date for entitlement; dispatch the letter of offer and tender form to eligible security holders before opening; open the offer within prescribed timing and for a specified period; accept tenders based on record-date entitlement and divide buyback into reserved (small shareholders) and general categories. If total acceptances exceed the buyback size, acceptances are scaled down pro rata. The company must complete verification within a prescribed period after closure, with lodged securities deemed accepted unless rejected within that period, and settlement may be facilitated through the stock exchange mechanism.
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.
Buyback offer timing rules require specified opening periods and proportional acceptance with prescribed verification timelines.
Regulation 9 sets procedural requirements for buyback offers: announce a record date for entitlement; dispatch the letter of offer and tender form to eligible security holders before opening; open the offer within prescribed timing and for a specified period; accept tenders based on record-date entitlement and divide buyback into reserved (small shareholders) and general categories. If total acceptances exceed the buyback size, acceptances are scaled down pro rata. The company must complete verification within a prescribed period after closure, with lodged securities deemed accepted unless rejected within that period, and settlement may be facilitated through the stock exchange mechanism.
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