TMI BlogOther proceduresX X X X Extracts X X X X X X X X Extracts X X X X ..... s from the Board or where no comments are offered by the Board, within seven working days from the expiry of the period stipulated in sub-regulation (4) of regulation 16: 1 [Explanation: (i) Letter of offer may also be dispatched through electronic mode in accordance with the provisions of Companies Act, 2013. (ii) On receipt of a request from any shareholder to receive a copy of the letter of offer in physical format, the same shall be provided. (iii) The aforesaid shall be disclosed in the letter of offer.] Provided that where local laws or regulations of any jurisdiction outside India may expose the acquirer or the target company to material risk of civil, regulatory or criminal liabilities in the event the letter of offer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e newspapers in which the detailed public statement pursuant to the public announcement was made; and (c) simultaneously with the issue of such an announcement, inform the Board, all the stock exchanges on which the shares of the target company are listed, and the target company at its registered office. (8) The tendering period shall start not later than twelve working days from date of receipt of comments from the Board under sub-regulation (4) of regulation 16 and shall remain open for ten working days. (9) Shareholders who have tendered shares in acceptance of the open offer shall not be entitled to withdraw such acceptance during the tendering period. (10) The acquirer shall, within ten working days from the last date of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... open offer, at the rate of ten per cent per annum Provided that in case the delay was not attributable to any act of omission or commission of the acquirer, or due to the reasons or circumstances beyond the control of acquirer, the Board may grant waiver from the payment of interest. Provided further that the payment of interest would be without prejudice to the Board taking any action under regulation 32 of these regulation or under the Act. ] (12) (a) The acquirer shall issue a post offer advertisement in such form as may be specified within five working days after the offer period, giving details including aggregate number of shares tendered, accepted, date of payment of consideration. (b) Such advertisement shall be,- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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