Securities And Exchange Board of India (Substantial Acquisition of Shares And Takeovers) (Amendment) Regulations, 2001.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tion of Shares and Takeovers) (Amendment) Regulations, 2001. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the 'Regulations')- (a) In Regulation 2, in sub-regulation (1), (i) after clause (c), the following clause shall be inserted, namely:- "(cc) "disinvestment" means the sale by the Central Government, of its shares or voting rights and / or control, in a listed Public Sector Undertaking." (ii) after clause (i), the following clause shall be inserted, namely:- (ii) 'Public Sector Undertaking' means a company in which the Central Government holds 5....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....be added ; namely :- "Explanation: In case of disinvestment of a Public Sector Undertaking, the relevant date for the calculation of the average of the weekly high and low of the closing prices of the shares of the Public Sector Undertaking, as quoted on the stock exchange where its- shares are most frequently traded, shall be the date preceding the date when the Central Government (after receiving the cabinet approval) announces the name of the successful bidder." (ii) in sub-regulation (3), after sub-clause (i) to the Explanation, a new sub-clause shall be inserted, namely :- "(ia) In case of disinvestment of a Public Sector Undertaking, the shares of such an undertaking shall be deemed to be infrequently traded, if on the stock exch....