Annual disclosure undersast regulation 30(2)
This query is : Resolved
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?
14 April 2012
It has to be given separately.
Let other expert also give their views on this.
Let other expert also give their views on this.
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15 April 2012
Hi
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.
Regards
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.
Regards
Message likes :
1 times
15 April 2012
Sir,
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!
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!
15 April 2012
Hi
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.
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.
It seems more prudent.
16 April 2012
Thank u Ajay ji and Sanjay ji!
16 April 2012
1 more question. Suppose there is 1 promoter and there are 5 PAC with him. So in total I need to give 6 different forms?
16 April 2012
Hi
Do the same, make 6 copy and signed by same and make a bundle and send the same to STX.
Some one also suggest me, that can i made it on excel and fill the details and send the same.
i have given answer that you can do so, but please keep in mind that, what the STX will accept in any other format except the approved format.
What is your opinion ?
Regards
Do the same, make 6 copy and signed by same and make a bundle and send the same to STX.
Some one also suggest me, that can i made it on excel and fill the details and send the same.
i have given answer that you can do so, but please keep in mind that, what the STX will accept in any other format except the approved format.
What is your opinion ?
Regards
16 April 2012
No, I do not think STX will accept any disclosure in any format except the 1 prescribed.
And also in the format, point 39b) says "b. Name(s) of promoter(s), member of the promoter group and Persons Acting in Concert (PAC) with him"
So I am sending 1 single disclosure of 1 promoter and his PAC. Lets c how STX treats it.
Thanks a lot Ajay ji for your guidance!
And also in the format, point 39b) says "b. Name(s) of promoter(s), member of the promoter group and Persons Acting in Concert (PAC) with him"
So I am sending 1 single disclosure of 1 promoter and his PAC. Lets c how STX treats it.
Thanks a lot Ajay ji for your guidance!
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