Transmission under takeover code -1997

Hello  ,

On death of Mrs - X ,her share transferred to her family trust ( x family trust ) and since trust can not be a member the holding is in name of one trustee who is her son.transfer was of more than 15 %.and old takeover code-SAST-1997  was applicable at that time


please suggest

1) whether this falls under regulation 3 (1) (g) of SAST regulation 1997.?


2) any disclosure under regulation 7  and regulation 3(4) of Takevercode- 1997 or any other dicclosure etc are required ???

3) whole takeover code is not applicbale to transmission  ??
 

Replies (1)

1) Yes, the said transaction falls within regulation 3(1)g of Takeover Code 1997 and accordingly is an exempt transaction. therefore even though the treshold crosses 15% it would not trigger open offer.                                                                                                                              2) The said trustee would be requested to file initial discolure under regulation 7(1) in this regard. Regulation 3(4) covers transaction under 3(1) a, b e and i and hence no Board report is required in this case. Secondly, kindly check depending on year of acquisition, if any transitional provisions were also required. Also, necessary disclosures under Insider trading Regulations be made.                                                                                                                                  3) Takeover is applicable to cases of transmission, inheritence but they are generally exempted from making open offer.                                                                                                   ##Please ensure that the name of said trustee is included in Promoter/promoter group of the Target Company

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
22 July 2026
Senior Chartered Accountant

SKSS

Patna

CA

View Details
Company
29 July 2026
ACCOUNTANT

ONESTEP GST SOLUTION

New Delhi

B.Com

View Details
Company
28 July 2026
Senior accountant

RJ Public School

Bengaluru

B.Com

View Details
Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 17 July 2026
Article Assistant and B.com pass

BANSAL YOGESH AND CO

Gautam Budh Nagar

B.Com

View Details
Company
06 July 2026
Senior Accountant

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details
Company
Featured 18 July 2026
Senior Manager- Finance & Accounts

apricus india

Ahmedabad

CA

View Details
Follow