Securities And Exchange Board Of India - Subsection
Section 23(8) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(8)[ The restrictions-(a)for appointment of directors on the Board of the target company by the acquirer under sub-regulation (7) of regulation 22;(b)for acting on agreement for under sub-regulation (16) of regulation 22;(c)for appointment of directors by the target company under clause (a) of sub-regulation (3) of this regulation; and(d)for on transfer of securities or changes in the Board of Directors of the target company under sub-regulation (6) of this regulation, shall not be applicable, in case of sale of shares of a Public Sector Undertaking by the Central Government [or the State Government] and the agreement to sell contains a clause to the effect that in case of non-compliance of any of the provisions of the regulations by the acquirer, transfer of shares or the change of management or control of the Public Sector Undertaking shall vest back with the Central Government [or the State Government] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)Regulations, 2002, w.e.f. 9-9-2002. ] and the acquirer shall be liable to such penalty as may be imposed by the Central Government [or the State Government] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)Regulations, 2002, w.e.f. 9-9-2002. ]]
