SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2019

Apr 02, 2019 | by Avantis RegTech Legal Research Team


The Securities Exchange Board of India (SEBI) on March 29, 2019, has issued a Notification to publish SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2019, to further amend the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. It will come into force on the date of the publication in the Official Gazette that is March 29, 2019. 

The following amendments in the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 are as under:

•In Regulation 10(1)(d)(ii); (iii) and 10(1)(i), some words are omitted.

•In Regulation 10(1)(i), where the acquisition of shares by the lenders pursuant to conversion of their debt as  part  of  a  debt  restructuring  scheme  implemented  in  accordance  with the guidelines specified by the Reserve Bank of India, the existing proviso has been substituted with:

“Provided that the conditions specified under sub-regulation (6) of regulation 158 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 are complied with.”

“Explanation. – For the purpose of this clause, ‘lenders’ shall mean all scheduled commercial banks (excluding Regional Rural Banks) and All India Financial Institutions.”

Regulation 10(1)(ia) and 10(2) has been omitted.

[Notification No. SEBI/LAD-NRO/GN/2019/06]

Click here to download the Notification.

 


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