SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997

SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997

These Regulations shall be called the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,1997.

These Regulations shall come into force on the date of their publicationin the Official Gazette.

Definitions

In these Regulations, unless the context otherwise requires:-

“Act” means the Securities and Exchange Board of IndiaAct, 1992 (15 of 1992);
“acquirer” means any person who, directly or indirectly,acquires or agrees to acquire shares or voting rights in the target company,or acquires or agrees to acquire control over the target company, eitherby himself or with any person acting in concert with the acquirer;
“control” shall include the right to appoint majority of the directorsor to control the management or policy decisions exercisable by a personor persons acting individually or in concert, directly or indirectly, includingby virtue of their shareholding or management rights or shareholders agreementsor voting agreements or in any other manner;