The Securities and Exchange Board of India (SEBI) has been empowered by SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (takeover code), to grant exemption from the obligation to make an open offer for acquiring shares, as set out under the code. Under regulation 11(3) of the takeover code, an acquirer that seeks an exemption from the open offer obligation must file an application with SEBI, supported by a duly sworn affidavit and providing details of the proposed acquisition along with the grounds on which the exemption is sought.
SEBI in its circular dated 22 December 2017 prescribed a standard format for filing such an application, so as to ensure uniformity of the disclosures made in the applications.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bengaluru, Singapore, Silicon Valley, Munich and New York. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
