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.

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2 Comments

  1. AMAN Mourya says:

    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.

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