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Competitive bid.

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..... l be made after 21 days from the date of public announcement of the first offer. 1 [(2A) No public announcement for a competitive bid shall be made after an acquirer has already made the public announcement under the proviso to sub-regulation (1) of regulation 14 pursuant to entering into a Share Purchase or Shareholders Agreement with the Central Government 2 [or the State Government as the case may be,] for acquisition of shares or voting rights or control of a Public Sector Undertaking.] 3 [(2B) No public announcement for a competitive bid shall be made after an acquirer has already made the public announcement pursuant to relaxation granted by the Board in terms of regulation 29A.] (3) Any competitive offer by an acqu .....

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..... r 7 [except the mode of payment following an upward revision in offer]: Provided further that any such upward revision shall be made only upon the acquirer,- (a) making a public announcement in respect of such changes or amendments in all the newspapers in which the original public announcement was made; (b) simultaneously with the issue of public announcement referred in clause (a), informing the Board, all the stock exchanges on which the shares of the company are listed, and the target company at its registered office; (c) increasing the value of the escrow account as provided under sub-regulation (9) of regulation 28. (7) Where there is a competitive bid, the date of closure of the original bid as also the date o .....

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..... lations, 2002, w.e.f. 9-9-2002. Prior to its substitution, the clause read as under: make an announcement (a) revising the offer; or (b) withdrawing the offer, with the prior approval of the Board. 6. The words but have not withdrawn the offer in terms of sub-regulation (4) omitted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. 7. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - .....

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