SEBI (ISSUING OBSERVATIONS ON DRAFT OFFER DOCUMENTS PENDING REGULATORY ACTIONS) ORDER, 2006

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....d of India Act 1992 In exercise of powers conferred under Section 11A (1)(b) of the SEBI Act, 1992, the Securities and Exchange Board of India ("the Board") hereby passes a General Order to formalize the issuance of observations on draft offer documents filed with the Board , where an investigation, enquiry, adjudication, prosecution or other regulatory action is pending against the issuer or i....

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....ion has been found Where the appropriate authority has found probable cause for enquiry, adjudication, prosecution or other regulatory action against the entities, observations on draft offer documents filed by the issuer with the Board shall be kept in abeyance for a period of 45 days after such probable cause of violation is found or the date of filing of the draft offer document with the Boa....

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.... period of 90 days shall begin from the date of issuance of this General Order. Provided further that any time taken by such entities/noticee(s) shall be excluded while computing the 90 days period. Where no such interim or final order is passed within the period of 90 days , the Board may process the draft offer document for the purpose of issuance of observations subject to relevant disclo....