banner_ad

Disclosures under takeover code

969 views 1 replies

Hello friends,

 

A is a promoter as well as shareholder of XYZ Company, now he is selling his stake alongwith B,c and D who are PAC( person acting in concert), what disclosures he has to make under takeover code?

 

Only A has to make a disclosure or even B, C and D

 

Replies (1)

In this case A along with B,C & D would be considered as PAC and their stage-wise disclosures under existing SEBI (SAST) Regulations, 1997 would be as under : 

1)      Acquisition is between 5% to 14% of shares or voting rights à  To disclose at every stage from 5%, 10% or 14% of their shareholding to the target company and the Stock Exchanges within 2 days of acquisition or receipt of intimation of allotment of shares.  

2)      Holding more than 15% shares or voting rights of target company à annual disclosures the target company within 21 days from the financial year ending March 31 as well as the record date fixed for the purpose of dividend declaration, disclose every year his aggregate shareholding to the target company.  

You must be aware that SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 has been pronounced in the last week which will replace the existing Takeover (SAST) Regulations, 1997 w.e.f. October 22, 2011. The compliance in respect of new regulation must to be looked into for your qs. 

Regards

DS


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 02 May 2026
Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 14 March 2026
Associate CA

N N V Satish&co

Hyderabad

CA

View Details