Relaxations relating to procedural matters in Takeovers and Buy-back to apply to open offers and buy-back through tender offers
Securities and Exchange Board of India
CIRCULARSEBI/HO/CFD/DCR2/CIR/P/2020/139
July 27, 2020
To
All Listed Entities
All Recognized Stock Exchanges
All Registered Merchant Bankers
Dear Sir/Madam,
Sub: Relaxations relating to procedural matters –Takeovers and Buy-back
1. SEBI vide Circular no. SEBI/CIR/CFD/DCR1/CIR/P/2020/83 dated May 14, 2020 granted one time relaxations from strict enforcement of certain regulations of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buy-back of securities) Regulations, 2018 pertaining to open offers and buy-back through tender offers opening upto July 31, 2020.
2. Based on the representations received from the market participants, the validity of relaxations, as provided by Circular No. SEBI/CIR/CFD/DCR1/CIR/P/2020/83 dated May 14, 2020 is further extended and shall be applicable for open offers and buy-back through tender offers opening upto December 31, 2020.
3. This Circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992.
4. A copy of this circular is available on SEBI website at www.sebi.gov.in under the categories “Legal Framework/ Circulars.”
Yours faithfully,
Rajesh Gujjar
General Manager
Division of Corporate Restructuring
Corporation Finance Department
Email id: rajeshg@sebi.gov.in
+91-22-2644 9232
- AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
- Shareholders can’t be taxed for income from properties owned by the company – HC
- Jurisdictional error in reassessment approval can’t be shielded by the law of limitation
- ITAT ought to remanded whole matter of bogus purchases instead of profit determination
- Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A
