Regulation 4 - Takeover Panel. - SECURITIES AND EXCHANGE BOARD OF INDIA(SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997

Takeover panel. 4. (1) The Board shall for the purposes of this regulation constitute a panel of majority of independent persons from within the categories mentioned in sub-section (5) of section 4 of the Act. (2) For seeking exemption under clause (1) of sub-regulation (1) of regulation 3, the acquirer shall file an application 1 [supported by a duly sworn affidavit] with the Board, giving details of the proposed acquisition and the grounds on which the exemption has been sought. (3) The acquirer shall, along with the application referred to under sub-regulation (2), pay a fee of 2 [fifty thousand rupees] to the Board, either by a banker s cheque or demand draft in favour of the Securities and Exchange Board of India, payable at Mumbai. (4) The Board shall within 5 days of the receipt of an application under sub-regulation (2) forward the application to the panel. (5) The panel shall within 15 days from the date of receipt of application make a recommendation on the application to the Board. (6) The Board shall after affording reasonable opportunity to the concerned parties and after considering all the relevant facts including the recommendations, if any, pass a reasoned order on the application under sub-regulation (2) within 30 days thereof. (7) The order of the Board under sub-regulation (6) shall be published by the Board. ------------------- Notes: 1. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. 2. Substituted for one lakh rupees by the SEBI (Payment of Fees) (Amendment) Regulations, 2008, w.e.f. 1-4-2008. Prior to its substitution, the words were amended by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2006, w.e.f. 21-8-2006.