Sebi(sast regulation 2011)

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2012 Dear Friends, as you all know that SEBI has changed SAST regulation 1997 in respect to giving details on takeover compliance. I know that details of any change in shareholding of promoter, should be given as per regulation 30(1) & 30(2). But what is the time limit of this detail & if there is any other details to be given by target company to Stock Exchange in this regard or the detail send by promoter to Stock exchange is sufficient. Thanks in advance.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

04 April 2012 30(1) Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise twenty-five per cent or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may be specified.
(2) The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may be specified.
(3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to,—
(a) every stock exchange where the shares of the target company are listed; and
(b) the target company at its registered office.

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