Securities And Exchange Board Of India - Subsection
Section 22(9) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(9)If any of the persons representing or having interest in the acquirer is already a director on the board of the target company or is an "insider" within the meaning of the Securities and Exchange Board of India (Insider Trading) Regulations, 1992, he shall refuse himself and not participate in any matter(s) concerning or "relating" to the offer including any preparatory steps leading to the offer.
