Section 28 in Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
28. Disclosure-related provisions.
(1)The disclosures under this Chapter shall be of the aggregated shareholding and voting rights of the acquirer or promoter of the target company or every person acting in concert with him.(2)For the purposes of this Chapter, the acquisition and holding of any convertible security shall also be regarded as shares, and disclosures of such acquisitions and holdings shall be made accordingly.(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.]
