Chapter III - SUBSTANTIAL ACQUISITION OF SHARES OR VOTING RIGHTS IN AND ACQUISITION OF CONROL OVER A LISTED COMPANY (From Regulation 10 to Regulation 29A)
Securities And Exchange Board of India(Substantial Acquisition of Shares And Takeovers) Regulations, 1997 Chapter V INVESTIGATION AND ACTION BY THE BOARD
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Penalties for non-compliance: failure to meet takeover obligations can trigger forfeiture, prosecution, penalties, and registration action. Regulation 45 makes acquirers, persons acting in concert, the target company's board, intermediaries and specified advisers liable for action under the regulations and the Act for failure to meet takeover obligations; escrow sums may be forfeited. The Board may suspend or cancel intermediary registration subject to procedure, and those responsible for misstatements or concealment to shareholders are liable. Available measures include criminal prosecution, monetary penalties, regulatory directions, cease and desist orders and adjudication proceedings under the Act.
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.
Penalties for non-compliance: failure to meet takeover obligations can trigger forfeiture, prosecution, penalties, and registration action.
Regulation 45 makes acquirers, persons acting in concert, the target company's board, intermediaries and specified advisers liable for action under the regulations and the Act for failure to meet takeover obligations; escrow sums may be forfeited. The Board may suspend or cancel intermediary registration subject to procedure, and those responsible for misstatements or concealment to shareholders are liable. Available measures include criminal prosecution, monetary penalties, regulatory directions, cease and desist orders and adjudication proceedings under the Act.
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