Extension of relaxations relating to procedural matters in Takeovers and Buy-back

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

• Taxes on sales comprising in turnover to be excluded for estimating net profit
• Capital contribution deposited in assessee’s bank not partnership firm – Addition 69A upheld
• Bail granted to a CA accused in a GST evasion of more than 40 crores
• Every provision invoked casts a different onus, quoting wrong section prejudice the assessee
• Liability under MV Act can’t be decided on the grounds of sympathy alone – Supreme Court