REGD. NO. D. L.-33004/99

The Gazette of

India

EXTRAORDINARY

PART II—Section 3—Sub-section(ii)

PUBLISHED BY AUTHORITY

No. 107]

NEW DELHI, TUESDAY, JANUARY 29, 2002/MAGHA9,1923

(I)

309 GI/2002

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 29th January, 2002

Securities and Exchange Board of India (Substantial

Acquisition of Shares and Takeovers) (Amendment)

Regulations, 2002

s.o. i27(E).—^ⁿ exercise of the powers conferred by sub-section (1) of section

30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the

Board hereby makes the following regulations to amend the Securities and

Exchange Board of India (Substantial Acquisition of Shares and Takeovers)

Regulations, 1997.

THE GAZETTE OF INDIA: EXTRAORDINARY

[PARTII^-SEC. 3(ii)]

1. These Regulations may be called the Securities and Exchange Board of India

(Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations,

2002.

2. They shall come into force on the date of their publication in the Official

Gazette.

3. In the Securities and Exchange Board of India (Substantial Acquisition of

Shares and Takeovers) Regulations, 1997 (hereinafter referred to as the

Regulations) -

1) In Regulation 3, in sub-regulation (1), in

clause (h), the following

proviso shall be inserted, namely :-

"Provided that this exemption shall not be applicable if a Government

company acquires shares or voting rights or control of a listed Public

Sector Undertaking through the competitive bidding process of the Central

Government for the purpose of disinvestment."

2) In Regulation 20,-

a) In sub-regulation (2), in the Explanation , for the words"(after receiving

the cabinet approval) announces the name of successful bidder" the

words "opens the financial bid" shall be substituted .

b) In sub-regulation (3),-

i) in the Explanation (ia), for the words "after receiving the cabinet

approval, announces the name of the successful bidder" the words "

opens the financial bid" shall be substituted.

c) After sub-regulation (3), the following sub-regulation shall be inserted,

namely:-

" (3A) Notwithstanding anything contained in suo-reguiaiion (3), in case

of disinvestment of a Public Sector Undertaking, whose shares are

infrequently traded, the minimum offer price shall be the price paid by

the successful bidder to the Central Government, arrived at after the

process of competitive bidding of the Central Government for the

purpose of disinvestment."

d) In sub-regulation (6), in Explanation 1, the words "or cum -dividend"

shall be inserted after the word "cum-bonus".

[F.No. SEBI/LE/1700/2002]

D. R, MEHTA, Charanan

Footnote:

1. SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, the principal

regulation was published in the Gazette of India on February 20, 1997, vide S.O. No.124(E).

2. Subsequently a Corrigendum was published in the Gazette of India Extraordinary on February

6, 1998, vide S.O. No. 106(E).

3. It was subsequently amended by the SEBI (Substantial Acquisition of Shares and Takeovers)

(Amendment) Regulations, 1998 which was published in the Gazette of India on October 28,

1998, vide S.O. No. 930(E).

4. It was subsequently amended by the SEBI (Substantial Acquisition of Shares and Takeovers)

(Amendment) Regulations, 2000 which was published in the Gazette of India on December 30,

2000 vide S.O. No. 1178 (E).

5. It was subsequently amended by the SEBI (Substantial Acquisition of Shares and Takeovers)

(Amendment) Regulations, 2001 on 17^th August 2001 vide S.O. No. 791(E).

6. It was subsequently amended by the SEBI (substantial Acquisition of Shares and Takeovers)

(Second Amendment) Regulations, 2001 on 12^th September 2001 vide S.O. No. 875 (E)

7. It was subsequently amended by the SEBI (Substantial Acquisition of Shares and Takeovers)

(Third Amendment) Regulations, 2001 on 24^th October 2001 vide S.O. No. 1058 (E)