Securities And Exchange Board Of India - Subsection
Section 22(12) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(12)The acquirer shall, within a period of [fifteen] [Substituted for ] days from the date of the closure of the offer, complete all procedures relating to the offer including payment of consideration to the shareholders who have accepted the offer and for the purpose open a special account as provided under regulation 29 :Provided that where the acquirer is unable to make the payment to the shareholders who have accepted the offer before the said period of [fifteen] [Substituted for ] days due to non-receipt of requisite statutory approvals, the Board may, if satisfied that non-receipt of requisite statutory approvals was not due to any wilful default or neglect of the acquirer or failure of the acquirer to diligently pursue the applications for such approvals, grant extension of time for the purpose, subject to the acquirer agreeing to pay interest to the shareholders for delay beyond [fifteen] [Substituted for ] days, as may be specified by the Board from time to time.
