Securities And Exchange Board Of India - Subsection
Section 23(4) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(4)The board of directors of the target company may, if they so desire, send their unbiased comments and recommendations on the offer(s) to the shareholders, keeping in mind the fiduciary responsibility of the directors to the shareholders and for the purpose seek the opinion of an independent merchant banker or a committee of independent directors:Provided that for any mis-statement or for concealment of material information, the directors shall be liable for action in terms of these regulations and the Act.
