TMI BlogObligations of the target companyX X X X Extracts X X X X X X X X Extracts X X X X ..... ure that during the offer period, the business of the target company is conducted in the ordinary course consistent with past practice. (2) During the offer period, unless the approval of shareholders of the target company by way of a special resolution by postal ballot is obtained, the board of directors of either the target company or any of its subsidiaries shall not,- (a) alienate any ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or allot shares pursuant to any rights issue in respect of which the record date has been announced prior to the public announcement of the open offer; (d) implement any buy-back of shares or effect any other change to the capital structure of the target company; (e) enter into, amend or terminate any material contracts to which the target company or any of its subsidiaries is a party, outs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d date for a corporate action on or after the third working day prior to the commencement of the tendering period and until the expiry of the tendering period. (5) The target company shall furnish to the acquirer within two working days from the identified date, a list of shareholders as per the register of members of the target company containing names, addresses, shareholding and folio number ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er proposal, the committee shall disclose the voting pattern of the meeting in which the open offer proposal was discussed. ] (7) The committee of independent directors shall provide its written reasoned recommendations on the open offer to the shareholders of the target company and such recommendations shall be published in such form as may be specified, at least two working days before the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o-operation provided to any acquirer who has made a competing offer. (10) Upon fulfillment by the acquirer, of the conditions required under these regulations, the board of directors of the target company shall without any delay register the transfer of shares acquired by the acquirer in physical form, whether under the agreement or from open market purchases, or pursuant to the open offer. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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