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[Cites 0, Cited by 0] [Section 28(12)] [Section 28] [Entire Act]

Securities And Exchange Board Of India - Subsection

Section 28(12)(e) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997

(e)[ the entire amount to the merchant banker, in the event of forfeiture for non fulfillment of any of the obligations under the Regulations, for distribution in the following manner, after deduction of expenses, if any, of the merchant banker and the registrars to the offer, - [Substituted by the SEBI (Investor Protection Investment Fund) Regulations, 2009, w.e.f. 19-5-2009. ]
(i)one third of the amount to the target company;
(ii)one third of the amount to the Investor Protection and Education Fund established by the Board;
(iii)one third of the amount to be distributed pro-rata among the shareholders who have accepted the offer.]