Securities And Exchange Board Of India - Subsection
Section 22(8) in Securities And Exchange Board Of India (Substantial Acquisition Of Shares And Takeovers)Regulations, 1997
(8)Where an offer is made conditional upon minimum level of acceptances, the acquirer or any person acting in concert with him-(i)shall, irrespective of whether or not the offer received response to the minimum level of acceptances, acquire shares from the public to the extent of the minimum percentage specified in sub-regulation (1) of regulation 21 : Provided that the provisions of this clause shall not be applicable in case the acquirer has deposited in the escrow account, in cash, 50 per cent of the consideration payable under the public offer;(ii)shall not acquire, during the offer period, any shares in the target company, except by way of fresh issue of shares of the target company, as provided for under regulation 3;(iii)shall be liable for penalty of forfeiture of the entire escrow amount, for the non-fulfilment of obligations under the regulations.
