Securities And Exchange Board of India (Substantial Acquisition of Shares And Takeovers) (Amendment) Regulations, 2001. - S.O. No.791(E) - SEBI/LE/34699/2001 - SEBI
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Disinvestment of Public Sector Undertaking triggers single public-announcement regime with special pricing, disclosure and reversion conditions. Amendments add definitions of disinvestment and Public Sector Undertaking, permit a single public announcement across successive acquisition stages where the acquirer and seller remain the same and disclosures are made in the first announcement and letter of offer, require the merchant banker to announce within four working days of execution of the Share Purchase or Shareholders' Agreement, set the relevant price-determination date as the day before the Central Government announces the successful bidder, provide an infrequently traded shares test tied to six month turnover under two percent, allow reversion clauses to the Central Government for non-compliance, and prohibit further public announcements after the Central Government enters into the sale agreement.
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.
Disinvestment of Public Sector Undertaking triggers single public-announcement regime with special pricing, disclosure and reversion conditions.
Amendments add definitions of disinvestment and Public Sector Undertaking, permit a single public announcement across successive acquisition stages where the acquirer and seller remain the same and disclosures are made in the first announcement and letter of offer, require the merchant banker to announce within four working days of execution of the Share Purchase or Shareholders' Agreement, set the relevant price-determination date as the day before the Central Government announces the successful bidder, provide an infrequently traded shares test tied to six month turnover under two percent, allow reversion clauses to the Central Government for non-compliance, and prohibit further public announcements after the Central Government enters into the sale agreement.
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