Securities And Exchange Board Of India - Subsection
Section 22(16) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(16)If the acquirer, in pursuance of an agreement, acquires shares which along with his existing holding, if any, increases his shareholding beyond [15] [Substituted for ] per cent, then such agreement for sale of shares shall contain a clause to the effect that in case of non-compliance of any provisions of this regulation, the agreement for such sale shall not be acted upon by the seller or the acquirer:[Provided that in case of the acquisition of shares of a Public Sector Undertaking pursuant to a public announcement made under the Regulations, the provisions of sub-regulation (8) of regulation 23 shall be applicable.] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)Regulations, 2001, w.e.f. 17-8-2001. ]
