Securities And Exchange Board Of India - Subsection
Section 2(1) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(1)In these Regulations, unless the context otherwise requires:-(a)"Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);(b)"acquirer" means any person who, directly or indirectly, acquires or agrees to acquire shares or voting rights in the target company, or acquires or agrees to acquire control over the target company, either by himself or with any person acting in concert with the acquirer;(c)"control" shall include the right to appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their shareholding or management rights or shareholders agreements or voting agreements or in any other manner.[Explanation.-(i) Where there are two or more persons in control over the target company, the cesser of any one of such persons from such control shall not be deemed to be a change in control of management nor shall any change in the nature and quantum of control amongst them constitute change in control of management:Provided that the transfer from joint control to sole control is effected in accordance with clause (e) of sub-regulation (1) of regulation 3.(ii)If consequent upon change in control of the target company in accordance with regulation 3, the control acquired is equal to or less than the control exercised by person(s) prior to such acquisition of control, such control shall not be deemed to be a change in control;] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2002, w.e.f. 9-9-2002. ](cc)["disinvestment" means the sale by the Central Government [or by the State Government as the case may be] [Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment)Regulations, 2001, w.e.f. 17-8-2001. ] of its shares or voting rights and/or control, in a listed Public Sector Undertaking;](d)"investigating officer" means any person appointed by the Board under regulation 38;(e)"person acting in concert" comprises,-
