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General obligations of the acquirer.

ON OF SHARES AND TAKEOVERS) REGULATIONS, 1997 - Regulation 22 - 22. (1) The public announcement of an offer to acquire the shares of the target company shall be made only when the acquirer is able to implement the offer. (2) Within 14 days of the public announcement of the offer, the acquirer shall send a copy of the draft letter of offer to the target company at its registered office address, for being placed before the board of directors and to all the stock exchanges where the shares of the company are listed. (3) The acquirer shall ensure that the letter of offer is sent to all the shareholders (including non-resident Indians) of the target company, whose names appear on the register of members of the company as on the specified date me .....

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xempt himself from responsibility for the information in such document, such director shall issue a statement to that effect, together with reasons thereof for such statement. (7) During the offer period, the acquirer or persons acting in concert with him shall not be entitled to be appointed on the board of directors of the target company : 4[Provided that in case of acquisition of shares or voting rights or control of a Public Sector Undertaking pursuant to a public announcement made under the proviso to sub-regulation (1) of regulation 14, the provisions of sub-regulation (8) of regulation 23 shall be applicable :] 5[Provided further that where the acquirer, other than the acquirer who has made an offer under regulation 21A, after assumi .....

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e Securities and Exchange Board of India (Insider Trading) Regulations, 1992, he shall refuse himself and not participate in any matter(s) concerning or relating to the offer including any preparatory steps leading to the offer. (10) On or before the date of issue of public announcement of offer, the acquirer shall create an escrow account as provided under regulation 28. (11) The acquirer shall ensure that firm financial arrangement has been made for fulfilling the obligations under the public offer and suitable disclosures in this regard shall be made in the public announcement of offer. (12) The acquirer shall, within a period of 6[fifteen] days from the date of the closure of the offer, complete all procedures relating to the offer incl .....

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or Chapter IV of the regulations the acquirer shall not make any offer for acquisition of shares of any listed company for a period of twelve months from the date of closure of the offer. (16) If the acquirer, in pursuance of an agreement, acquires shares which along with his existing holding, if any, increases his shareholding beyond 9[15] per cent, then such agreement for sale of shares shall contain a clause to the effect that in case of non-compliance of any provisions of this regulation, the agreement for such sale shall not be acted upon by the seller or the acquirer: 10[Provided that in case of the acquisition of shares of a Public Sector Undertaking pursuant to a public announcement made under the Regulations, the provisions of sub .....

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2004, w.e.f. 3-9-2004. 3. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. 4. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2001, w.e.f. 12-9-2001. 5. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. 6. Substituted for 30 by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2004, w.e.f. 3-9-2004. 7. Substituted for 10 by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 1998, w.e.f. 28-10-1998. 8. Substituted for 10 by the SEBI (Substantial Acquisition of Shares and .....

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