Dos and Don'ts - Open Offer under Takeover Regulations

Riyaz Khan (CA CS (Exec) MBA (Fin) Asst. General Manager-SEBI Internal Auditor-British Certifications Inc.)   (1315 Points)

24 December 2009  

 

DOS

 

􀀹 Ensure that you are aware of all competitive offers and revision of offer

before deciding on accepting the offer

􀀹 Refer to national dailies/ SEBI website for details of competitive offers

or revisions of offers.

􀀹 Note that the offer would be subject to statutory approvals, if any,

mentioned in the Letter of Offer

􀀹 Check whether the offer will result in delisting of the company.

􀀹 In case of demateralised equity shares ensure credit is received to the

Special Depository Account before the closure of the Offer.

􀀹 Carefully note the timings/days for hand delivery of the documents

mentioned in the letter of offer.

􀀹 Wait till last date for Offer Revision (i.e. 7 working days prior to date of

closing of offer) before tendering acceptance.

􀀹 Submit the Form of Withdrawal accompanying the Letter of Offer at any

specified collection center upto 3 working days before date of closing of

the Offer in case you want to withdraw the shares tendered.

􀀹 Ensure that signatures on Form of Acceptance, Transfer Deed,

Depository Instruction and Form of Withdrawal are in same order and

same as those lodged with the company.

􀀹 In case of non receipt of Offer Document, you can tender or withdraw

from the Offer by making an application on plain paper giving the

necessary details

 

DON’TS

 

􀀸 Don’t wait for the last date for the closure of the offer for tendering your

acceptance.

􀀸 Don’t fill in the details of the buyer/transferee in the transfer deed to be

sent.

􀀸 Don’t file an incomplete application form/invalid documents.