14 April 2012
Please guide whether Annual disclosure under regulation 30 (2) has to be given separately for each person or it can be given in one single file?
Yes,every promoter will send his/her annual disclosure to all stock exchange where the shares of target company is listed with in seven working days.
As per new Takeover Regulation 2011, the company has no liability to give any disclosure about his promoters or shareholders holding 25% voting rights. the company is free under continues disclosure.
Finally relax this year to company for intimation to STX about promoters disclosure.
As per regulation 30(2) every promoter whether he holds 25% or not has to give disclosures in the prescribed format at the year end.
I understand that it is responsibility of the promoter. But practically company is managed by the same group of promoters so I being employee of the company have to look after the compliance. So I am just confused about how do I send the disclosure of promoters and their relatives who are in total 60 people. Earlier for regulation 8 of SAST reg 1997, we used to send every1's details in 1 same annexure!
There is no restriction, you can do so, the form under 30(1) and (2) also says the same. which is given below:
3. Particulars of the shareholder(s) : a. Name of person(s) together with Persons Acting in Concert (PAC) whose total holding (including that in the form of shares, warrants, convertible securities and any other instrument that would entitle the holder to receive shares in the TC) is more than 25% of the voting rights of the TC. or b. Name(s) of promoter(s), member of the promoter group and PAC with him.
But the problem is no. of shares, % u will show in such form.
As i have file in my co. individually of each promoter, because it will be a proof that each promoter has comply the new regulation.
15 April 2012
Exactly the point mentioned by Ajay Ji needs be considered. Though there is scope for including more than a persons disclosure this will be difficult to represent. So best way is to submit separate for for each. It seems more prudent.
CAclubindia
