SEBI disclosure pledged shares under takeover code

[Regulation 8A]Takeover disclosure of pledged shares within 7 working days to Company & Stock Exchange

 

 

Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2009
 
Disclosure of pledged shares is mandated under SEBI Takeover Code.
 
The terms "promoter" and "promoter group" shall have the same meaning as is assigned to them under Clause 40A of the Listing Agreement.
 
Transitional Provision

A promoter or every person forming part of the promoter group of any company shall, within 7 working days from 28th January 2009 disclose details of shares of that company pledged by him, if any, TO that company.

Disclosure by Promoter or Promoter Group TO Company

  • Promoter or promoter group shall inform details of pledge of shares within 7 working days of creation of pledge on shares TO the Company.
  • Promoter or promoter group shall inform details of invocation of pledge of shares within 7 working days of invocation of pledge on shares TO the Company.

Disclosure by Company To Stock Exchanges
 

Continue reading in https://yehseeyes.blogspot.com/2009/02/regulation-8atakeover-disclosure-of.html

 

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Replies (3)

Equity should not be allowed to pledge.

I am totally agreed with Mr Prakash Popat

Caclub should take up this issues with the help of ICAI,to the SEBI,in order to stop laws which R violating fundamental constitional rights of INDIAN CITIZEN.

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