Regulation 69F - Manner of providing exit to dissenting shareholders.
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 Chapter VI-A CONDITIONS AND MANNER OF PROVIDING EXIT OPPORTUNITY TO DISSENTING SHAREHOLDERS
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Exit opportunity to dissenting shareholders requires promoters to offer price, secure escrow, and settle accepted tenders promptly. Regulation 69F requires notice and explanatory statement disclosure of an exit offer to dissenting shareholders when a special resolution changes issue objects or contract terms. Promoters or controlling shareholders must appoint a SEBI-registered merchant banker to fix the exit price, notify the exchange, create an escrow with aggregate consideration prior to tendering, and conduct tendering and settlement through recognised exchange mechanisms. Accepted tenders must be paid within a specified working-day period after tender closure, and the issuer must disclose aggregate tenders, acceptances, payments, post-offer shareholding and a merchant banker's report to the exchange.
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.
Exit opportunity to dissenting shareholders requires promoters to offer price, secure escrow, and settle accepted tenders promptly.
Regulation 69F requires notice and explanatory statement disclosure of an exit offer to dissenting shareholders when a special resolution changes issue objects or contract terms. Promoters or controlling shareholders must appoint a SEBI-registered merchant banker to fix the exit price, notify the exchange, create an escrow with aggregate consideration prior to tendering, and conduct tendering and settlement through recognised exchange mechanisms. Accepted tenders must be paid within a specified working-day period after tender closure, and the issuer must disclose aggregate tenders, acceptances, payments, post-offer shareholding and a merchant banker's report to the exchange.
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