Inter-se Transfer of Shares - Takeover Regulations

[ashley]

In my case, promoters present holding is 64% and now one of the
promoter wants to transfer 50,000 equity shares to his 2 daughters.
The daughters at present do no hold any shares. The total share
transferred by promoter amounts to 0.5%.

Does the above transaction require reporting under Regulation 3(4) of
the SEBI(SAST) Regulations.

Regulation 3(1)(e)(ii) of Takeover Regulations exempts transfer among
relatives since daughter falls under definition of relative.

Further, in my view the condition of 3 years holding by transferor and
transferee do not apply to the clause of relatives and it applies to
clause 3(1)(e)(iii) & iv only

What other compliances are required to be undertaken.

Views solicited

[jayasimha s]

in my opinion... Yes, it requires reporting..

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THANK YOU & WARM REGARDS,

JAYASIMHA S

[ashley]

Well the reporting u/s 3(4) to sebi is required only when threshold
limits are breached not otherwise

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[jayasimha s]

ok i will check again

[shubhra gupta]

 

I think no intimation required, b'coz reg 3 says:

3.

(1) Nothing contained in regulations 10, 11 and 12 of these regulations shall

apply to:

the above transaction is 0.5% so no intimation for reg 3(4).

Regards,

Shubhra