Exemption from open offer obligations: standardised application format and trust-deed conditions streamline SEBI processing of acquisition proposals. Regulation 11(1) permits the Board to grant an exemption from open offer obligations and Regulation 11(3) requires acquirers to file an application with a sworn affidavit. SEBI prescribes a standard application format (Annexure A) requiring detailed disclosures about acquirers, target company, proposed acquisition, triggered provisions, and supporting documents, and sets out a Schedule of specific trust-deed conditions and undertakings where a Trust is the acquirer, while clarifying that compliance does not guarantee exemption and applications will be considered case-by-case.
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Provisions expressly mentioned in the judgment/order text.
Exemption from open offer obligations: standardised application format and trust-deed conditions streamline SEBI processing of acquisition proposals.
Regulation 11(1) permits the Board to grant an exemption from open offer obligations and Regulation 11(3) requires acquirers to file an application with a sworn affidavit. SEBI prescribes a standard application format (Annexure A) requiring detailed disclosures about acquirers, target company, proposed acquisition, triggered provisions, and supporting documents, and sets out a Schedule of specific trust-deed conditions and undertakings where a Trust is the acquirer, while clarifying that compliance does not guarantee exemption and applications will be considered case-by-case.
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