TMI BlogPurchase of minority shareholding held in demat formX X X X Extracts X X X X X X X X Extracts X X X X ..... e of shares to be acquired by the acquirer, under section 236 of the Act, verify the details of the minority shareholders holding shares in dematerialised form. (2) After verification under sub-rule (1), the company shall send notice to such minority shareholders by registered post or by speed post or by courier or by email about a cut-off date, which shall not be earlier than one month after t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arations stating that:- (a) the corporate action is being effected in pursuance of the provisions of section 236 of the Act; (b) the minority shareholders whose shares are held in dematerialised form have been informed about the corporate action [a copy of the notice served to such shareholders and published in the newspapers to be attached]; (c) the minority shareholders shall be paid by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e intimation of successful transfer of shares from the depository under sub-rule (6), the company shall immediately disburse the price of the shares so transferred, to each of the minority shareholders after deducting the applicable stamp duty, which shall be paid by the company, on behalf of the minority shareholders, in accordance with the provisions of the Indian Stamp Act, 1899 (2 of 1899). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the shares of the minority shareholders to the designated DEMAT account of the company under sub-rule (6). Explanation. - For the purposes of this rule, if cut-off date falls on a holiday, the next working day shall be deemed to be the cut-off date . ] ************ NOTES:- 1. Inserted vide NOTIFICATION NO. G.S.R. 773(E) dated 17-12-2020 - - statute, st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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