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Penalties for non-compliance.

45. (1) Any person violating any provisions of the regulations shall be liable for action in terms of the regulations and the Act. (2) If the acquirer or any person acting in concert with him, fails to carry out the obligations under the regulations, the entire or a part of the sum in the escrow account shall be liable to be forfeited and the acquirer or such a person shall also be liable for acti .....

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or the directors where the acquirer is a body corporate, the directors of the target company, the merchant banker to the public offer and the merchant banker engaged by the target company for independent advice would be liable for action in terms of the regulations and the Act. (6) The penalties referred to in sub-regulations (1) to (5) may include:- (a) criminal prosecution under section 24 of th .....

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