17 July 2013
I want to know that if a person is a Director in a Listed Company and he is making investment in other Listed Company in way of purchasing shares etc. from his personal account then whether he required to make any declaration/disclosure in this regard or not.
His disclosure will be for both company in which he is a director under section 299 of the Companies Act, 1956 before the end of financial year.
As per Regulation 13 of Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2008
“(4) Any person who is a director or officer of a listed company, shall disclose to the company and the stock exchange where the securities are listed in Form D, the total number of shares or voting rights held and change in shareholding or voting rights, if there has been a change in such holdings of such person and his dependents (as defined by the company) from the last disclosure made under sub-regulation (2) or under this sub-regulation, and the change exceeds Rs. 5 lakh in value or 25,000 shares or 1% of total shareholding or voting rights, whichever is lower.”
17 July 2013
Disclosure by company to stock exchanges.
Regulation 13(6) Every listed company, within two days of receipt, shall disclose to all stock exchanges on which the company is listed, the information received under subregulations (1), (2), (3) and (4) [in the respective formats specified in Schedule III.]
17 July 2013
As per Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Continual disclosures:
Regulation 30(1) Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise twenty-five per cent or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may be specified. (2) The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may be specified. (3) The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to,— (a) every stock exchange where the shares of the target company are listed; and (b) the target company at its registered office.
17 July 2013
Thanks a lot sir for your early reply, but Sir I want to know that if a person who is also a Director in a Listed Company making investment as a first time in other Listed Company then in how many days and in which form he is required to make disclosure in this regard.
CAclubindia
