Securities And Exchange Board Of India - Subsection
Section 11(3) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(3)[ Notwithstanding anything contained in regulations 10, 11 and 12, in case of disinvestment of a Public Sector Undertaking, an acquirer who together with persons acting in concert with him, has made a public announcement, shall not be required to make another public announcement at the subsequent stage of further acquisition of shares or voting rights or control of the Public Sector Undertaking provided:-(i)both the acquirer and the seller are the same at all the stages of acquisition, and(ii)disclosures regarding all the stages of acquisition, if any, are made in the letter of offer issued in terms of regulation 18 and in the first public announcement.]Explanation.-For the purposes of regulation 10 and regulation 11, acquisition shall mean and include,-(a)direct acquisition in a listed company to which the regulations apply;(b)indirect acquisition by virtue of acquisition of [***] [The word ] companies, whether listed or unlisted, whether in India or abroad.
