Securities And Exchange Board Of India - Subsection
Section 10(3) in Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
(3)An increase in voting rights in a target company of any shareholder beyond the limit attracting an obligation to make an open offer under sub-regulation (1) of regulation 3, pursuant to buy-back of shares [by the target company] [Inserted by the SEBI(Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2013, w.e.f. 26-03-2013.] shall be exempt from the obligation to make an open offer provided such shareholder reduces his shareholding such that his voting rights fall to below the threshold referred to in sub-regulation (1) of regulation 3 within ninety days from the date [of the closure of the said buy-back offer] [Substituted for 'on which the voting rights so increase' by the SEBI(Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2013, w.e.f. 26-03-2013.].
