Exemption
under Regulation 11(1) of SEBI (Substantial Acquisition of shares and
Takeovers) Regulations, 2011
SEBI, by
circular dated 22nd December, 2017, prescribed a standard format for
filing application under Regulation 11(3) of SEBI (SAST) Regulations, 2011, to
speed up the process of claiming exemption from the obligation to make an open
offer for acquiring shares under Regulation 11(1) of SEBI (SAST) regulations,
2011
SEBI further
clarified that compliance with the conditions stated in the circular does not
guarantee automatic exemption from open offer and all applications will be
considered by the Takeover Panel and SEBI on a case to case basis.
Extract of the
details in this regard is given below:
|
Type of applicant
|
Documents required
|
|
Applications made by persons other than acquirer
|
Letter of authority granted by the acquirer (including all the Person
acting in concert)
|
|
Body corporate
|
True copy of the resolution of its Board of
Directors or the Governing Body authorizing filing of the application
|
|
*Trust
|
Executed trust deed
Also, acquirer should endeavour to comply with the guidelines stated
in the Schedule in the circular
|
Other
conditions:
·
Application must be
supported by an duly sworn affidavit by the acquirer confirming the details
stated in the application are true and correct and in accordance with the
standard format prescribed by SEBI
· The application should
be complete in all respects and the information stated in the application should be as on the date of application unless otherwise specified therein
*Apart
from the documents specified in the above table, SEBI has elaborated certain
conditions pertaining to transfer of shares from promoters to Trusts.
Refer the below
link for other details with respect to the above application.
The circular
shall be applicable to all the applications that are filed with SEBI after 22nd
December, 2017
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