Section 7 in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
7. Acquisition of 5 per cent and more shares or voting rights of a company
. - [(1) Any acquirer, who acquires shares or voting rights which (taken together with shares or voting rights, if any, held by him) would entitle him to more than five per cent or ten per cent or fourteen per cent [or fifty four per cent or seventy four per cent] [Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. ] shares or voting rights in a company, in any manner whatsoever, shall disclose at every stage the aggregate of his shareholding or voting rights in that company to the company and to the stock exchanges where shares of the target company are listed.] [Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment)Regulations, 2009, w.e.f. 6-11-2009. ](1A)[ Any acquirer who has acquired shares or voting rights of a company under sub-regulation (1) of regulation 11, [or under second proviso to sub-regulation (2) of regulation 11] [Substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. ] shall disclose purchase or sale aggregating two per cent or more of the share capital of the target company to the target company, and the stock exchanges where shares of the target company are listed within two days of such purchase or sale along with the aggregate shareholding after such acquisition or sale.][Explanation.-For the purposes of sub-regulations (1) and (1A), the term `acquirer' shall include a pledgee, other than a bank or a financial institution and such pledgee shall make disclosure to the target company and the stock exchange within two days of creation of pledge.] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)Regulations, 2002, w.e.f. 9-9-2002. ](2)The disclosures mentioned in sub-regulations (1) [and (1A)] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment)Regulations, 2001, w.e.f. 24-10-2001. ] shall be made within [two days] [The words ] of,-(a)the receipt of intimation of allotment of shares; or(b)the acquisition of shares or voting rights, as the case may be.(2A)[ The stock exchange shall immediately display the information received from the acquirer under sub-regulations (1) and (1A) on the trading screen, the notice board and also on its website.] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment)Regulations, 2002, w.e.f. 9-9-2002. ](3)Every company, whose shares are acquired in a manner referred to in [sub-regulations (1) and (1A)] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment)Regulations, 2001, w.e.f. 24-10-2001. ], shall disclose to all the stock exchanges on which the shares of the said company are listed the aggregate number of shares held by each of such persons referred above within seven days of receipt of information under [sub-regulations (1) and (1A)] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment)Regulations, 2001, w.e.f. 24-10-2001.]
