The Security and Exchange Board of India (SEBI) on Tuesday notified the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2020.
The notification seeks to amend the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
In regulation 3, in sub-regulation (2), the following new proviso shall be inserted before the existing provisos, namely “Provided that the acquisition beyond five percent but up to ten percent of the voting rights in the target company shall be permitted for the financial year 2020-21 only in respect of the acquisition by a promoter pursuant to preferential issue of equity shares by the target company.”
In regulation 6, in sub-regulation (1), the following shall be inserted after the first proviso, namely “the relaxation from the first proviso is granted till March 31, 2021.”
They shall come into force on the date of their publication in the Official Gazette.
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