TMI BlogPurchase of minority shareholdingX X X X Extracts X X X X X X X X Extracts X X X X ..... t of any person or group of persons becoming ninety per cent majority or holding ninety per cent of the issued equity share capital of a company, by virtue of an amalgamation, share exchange, conversion of securities or for any other reason, such acquirer, person or group of persons, as the case may be, shall notify the company of their intention to buy the remaining equity shares. (2) T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate bank account to be operated by the 1 [company whose shares are being transferred] for at least one year for payment to the minority shareholders and such amount shall be disbursed to the entitled shareholders within sixty days: Provided that such disbursement shall continue to be made to the entitled shareholders for a period of one year, who for any reason had not been made di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elled shares and complete the transfer in accordance with law and make payment of the price out of deposit made under sub-section (4) by the majority in advance to the minority by despatch of such payment. (7) In the event of a majority shareholder or shareholders requiring a full purchase and making payment of price by deposit with the company for any shareholder or shareholders who hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e basis of such negotiation, understanding or agreement, the majority shareholders shall share the additional compensation so received by them with such minority shareholders on a pro rata basis. Explanation.-For the purposes of this section, the expressions acquirer and person acting in concert shall have the meanings respectively assigned to them in clause (b) and clause (e) of sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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