The Securities and Exchange Board of India (SEBI) on May 14, 2020, has granted one-time relaxations pertaining to open offers and buy-back tender offers opening up to July 31, 2020, under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buy-back of Securities) Regulations, 2018.
The Board empowered under Section 11(1) of the Securities and Exchange Board of India Act, 1992 issued the circular relaxing the procedural matter pertaining to takeovers and buy-back, which will come into force with immediate effects.
the service of the letter of offer and the tender form and other offer related material to shareholders may be undertaken by electronic transmission due to the COVID-19 pandemic. The acquirer or company and the manager to offer shall provide a procedure for inspection of material documents electronically, the circular clarified.
Service of the letter of offer and/or tender form and other offer related material to shareholders may be undertaken by electronic transmission as already provided under Regulation 18(2) of the Takeover Regulation and Regulation 9(ii) of Buy-back Regulations subject to the conditions.
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