Securities And Exchange Board Of India - Subsection
Section 86(3) in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
(3)The applicants in qualified institutions placement shall not withdraw their bids after the closure of the issue.Explanation. - For the purpose of clause (b) of sub-regulation (1), a qualified institutional buyer who has any of the following rights shall be deemed to be a person related to the promoters of the issuer:(a)rights under a shareholders' agreement or voting agreement entered into with promoters or persons related to the promoters;(b)veto rights; or(c)right to appoint any nominee director on the board of the issuer.
