Inter Se promoter transfer procedure under SAST Regulations

[Sai Kumar Nissankararao]

Dear All

Can any body provide the procedure if inter se ptomoter transfer under
SAST Regulations

Thanks & Regards
Sai Kumar

[Sandeep kumar]

In my opinion,  only disclosure requirements are applicable under chapter II

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Sandeep Kr. Mishra
Company Secretary
Sunil Hitech Engineers Ltd.
97, East High Court Road,
Nagpur - 440010

[CS.Alagar]

Dear Sai,

Please ensure the following conditions are complied with while carrying out inter-se transfer.

 

As per Regulation 3(1)(e)(iii) (b) of the Takeover Regulations, acquisition pursuant to transfer of shares amongst Promoters is eligible for exemption from the applicability of the Regulations 10, 11 and 12 of the Takeover Regulations subject to the compliance of the following conditions –

 

Ø     The transferor(s) and transferee(s) are promoters in terms of provisions of Regulation 2(1)(h) of the Regulations.

 

Ø     The transferees collectively as well as transferors collectively have been holding shares in the Target Company for a period of at least three years prior to the date of acquisition.

 

Ø     The provisions of Chapter II of the Takeover Regulations have been complied within the specified time limit by both the transferees and transferors.

 

Ø     The inter se transfer price should not exceed 25% of the price determined in terms of Regulations 20(4) and 20(5) of the Takeover Regulations.

 

Ø     As required under Regulation 3(3) of the Takeover Regulations, the transferee (Acquirer) should inform the stock exchanges at least 4 working days in advance of the date of proposed acquisition in case of acquisition exceeding 5% of the voting share capital of the target company.

 

Ø     The transferee (Acquirer) shall file a report with SEBI in the specified format within 21 days of the date of acquisition along with requisite fees prescribed, in terms of Regulations 3(4) and 3(5) of the Regulations.

 

On Fri, Feb 11, 2011 at 10:13 AM, Sai Kumar Nissankararao <nsrisa...@gmail.com> wrote:

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