Extension of Due Date of Compliance of Disclosures Under Regulation 30(1), 30(2) of SEBI (Substantial Acquisition of Shares And Takeovers) Regulations, 2011
SEBI vide its Circular No.: SEBI/HO/CFD/DCR1/CIR/P/2020/49 dated 27th March, 2020 has granted Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic to all the Listed Entities which are as follows:
Regulation 30:
- Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise twenty-five per cent or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may be specified.
- The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March in such target company in such form as may be specified.
- The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to-
(a) every stock exchange where the shares of the target company are listed; and
(b) the target company at its registered office.
So keeping in view the above relaxations the Disclosure filings under Regulations 30(1), 30(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise twenty-five per cent or more of the voting rights in a target company, and the promoter of every target company shall together with persons acting in concert with him shall disclose their aggregate shareholding and voting rights as of the thirty-first day of March such disclosure shall be made within seven days working days from the end of each financial year to every stock exchange where shares are listed and to the target company. But due to the outbreak of COVID-19 pandemic Securities Exchange Board of India has extended the reporting time from seven working days from the end of each financial year to April 15, 2020.
Author Bio
It has therefore been decided to extend the due date of filing disclosures, in terms
of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the financial
year ending March 31, 2020 to June 01, 2020.