This document contains editable Format of Report to SEBI in respect of any acquisition made in reliance up on exemption provided for in regulation 10(3) and (4)(c) of SEBI (SAST) Regulations, 2011, making it handy for use and compliance.

SEBI: Regulation 10(3) and (4)(c) of SEBI (SAST) Regulations, 2011
Approximate Time Saving: 30 minutes
Free
This document contains editable Format of Report to SEBI in respect of any acquisition made in reliance up on exemption provided for in regulation 10(3) and (4)(c) of SEBI (SAST) Regulations, 2011, making it handy for use and compliance.
Regulation 10(3) of SEBI (SAST) Regulations, 2011
An increase in voting rights in a target company of any shareholder beyond the limit attracting an obligation to make an open offer under sub-regulation (1) of regulation 3, pursuant to buy-back of shares by the target Company shall be exempt from the obligation to make an open offer provided such shareholder reduces his shareholding such that his voting rights fall to below the threshold referred to in sub-regulation (1) of regulation 3 within ninety days from the date of the closure of the said buy-back offer.
Regulation 10(4)(c) of SEBI (SAST) Regulations, 2011
(4) The following acquisitions shall be exempt from the obligation to make an open offer under sub-regulation (2) of regulation 3,—
c. increase in voting rights in a target company of any shareholder pursuant to buy-back of shares:
Provided that,—
Provided further that where the aforesaid conditions are not met, in the event such shareholder reduces his shareholding such that his voting rights fall below the level at which the obligation to make an open offer would be attracted under sub-regulation (2) of regulation 3, within ninety days from the date of closure of the buy-back offer by the target company, the shareholder shall be exempt from the obligation to make an open offer;
Regulation 10(7) of SEBI (SAST) Regulations, 2011
In respect of any acquisition of or increase in voting rights pursuant to exemption provided for in clause (a) of sub-regulation (1), sub-clause (iii) of clause (d) of subregulation (1), clause (h) of sub-regulation (1), sub-regulation (2), sub-regulation (3) and clause (c) of sub-regulation (4), clauses (a), (b) and (f) of sub-regulation (4), the acquirer shall, within twenty-one working days of the date of acquisition, submit a report in such form as may be specified along with supporting documents to the Board giving all details in respect of acquisitions, along with a non-refundable fee of rupees twenty five thousand by way of a banker’s cheque or demand draft payable in Mumbai in favour of the Board. Explanation.— For the purposes of sub-regulation (5), sub-regulation (6) and subregulation (7) in the case of convertible securities, the date of the acquisition shall be the date of conversion of such securities.