SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) (SECOND AMENDMENT) REGULATIONS, 2018 - No. SEBI/LAD-NRO/GN/2018/33 - SEBI
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Fugitive economic offender barred from making or participating in open or competing acquisition offers or related transactions. The amendments add fugitive economic offender as a disqualifying category and bar such persons from announcing or participating in open or competing offers or acquiring shares, voting rights or control. They tighten delisting-related open offer procedure by requiring an acquirer, on delisting offer failure, to file a draft letter of offer within five working days and comply with open offer provisions, with the offer price enhanced by a prescribed annual rate between scheduled and actual payment dates. Timelines and terminology are updated and electronic dispatch of letters of offer is permitted.
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Fugitive economic offender barred from making or participating in open or competing acquisition offers or related transactions.
The amendments add fugitive economic offender as a disqualifying category and bar such persons from announcing or participating in open or competing offers or acquiring shares, voting rights or control. They tighten delisting-related open offer procedure by requiring an acquirer, on delisting offer failure, to file a draft letter of offer within five working days and comply with open offer provisions, with the offer price enhanced by a prescribed annual rate between scheduled and actual payment dates. Timelines and terminology are updated and electronic dispatch of letters of offer is permitted.
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