Securities And Exchange Board Of India - Subsection
Section 28(3) in Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
(3)[ For the purposes of this Chapter, the term "encumbrance" shall include, -(a)any restriction on the free and marketable title to shares, by whatever name called, whether executed directly or indirectly;(b)pledge, lien, negative lien, non-disposal undertaking; or(c)any covenant, transaction, condition or arrangement in the nature of encumbrance, by whatever name called, whether executed directly or indirectly.]
