Section - 108E - Time within which refusal to be communicated
Time within which refusal to be communicated.108E. Every request made to the Central Government for according its approval to the proposal for the acquisition of any share referred to in or the transfer of any share referred to in shall be presumed to have been granted unless, within a period of sixty days from the date of receipt of such request, the Central Government communicates to the person by whom the request was made, that the approval prayed for cannot be granted.
[Restriction on acquisition of certain shares.108A.(1) Except with the previous approval of the Central Government, no individual, firm, group, constituent of a group, body corporate or bodies corporate under the same management, shall jointly or severally acquire or agree to acquire, whether in his or its own name or in the name of any other person, any equity shares in a public company, or a private company which is a subsidiary of a public company, if the total nominal value of the equity shares intended to be so acquired exceeds, or would, together with the total nominal value of any equity shares already held in the company by such individual, firm, group, constituent of a group, body corporate or bodies corporate under the same management, exceed twenty-five per cent of the paid- .... To read the full section download the app from Google Play store
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