Securities And Exchange Board Of India - Subsection
Section 22(7) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(7)During the offer period, the acquirer or persons acting in concert with him shall not be entitled to be appointed on the board of directors of the target company :[Provided that in case of acquisition of shares or voting rights or control of a Public Sector Undertaking pursuant to a public announcement made under the proviso to sub-regulation (1) of regulation 14, the provisions of sub-regulation (8) of regulation 23 shall be applicable :] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)Regulations, 2001, w.e.f. 12-9-2001. ][Provided further that where the acquirer, other than the acquirer who has made an offer under regulation 21A, after assuming full acceptances, has deposited in the escrow account hundred per cent of the consideration payable in cash where the consideration payable is in cash and in the form of securities where the consideration payable is by way of issue, exchange or transfer of securities or combination thereof, he may be entitled to be appointed on the Board of Directors of the target company after a period of twenty-one days from the date of public announcement.] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)Regulations, 2002, w.e.f. 9-9-2002. ]
