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 ??
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Transmission under takeover code -1997
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
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