meenu (cs) (416 Points)
11 September 2009The Company has acquired preference shares in the target company leading to 6% . Whether the acquirer has to make disclosure regarding the same or any public announcement is to be made by acquirer.
Whether the preference shares are excluded from the purview of takeover code since sep 6,2002?
Kindly clarify.
Regards,
Meenu
SEBI has widely used the word Voting power in the Takeover code. and It's primary focus was the Aquisition of Equity shareholders. in the takeover code However, the word "shares" used in the Takeover code confuses the Company That,
Whether Prefrence shares are within the purview of the Takeover Code or not?
SEBI has not cleared the issue yet. So, It is advisable to make the disclosure of Acquisition of Prefrence shares also.
If you need further clarification than contact me
Ankur Shah (Practicing Company Secretary)
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