SEBI
SEBI has made amendments to the existing Takeover Regulations and issued the
Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takeovers) (Second Amendment) Regulations, 2016 which
shall come into force on the date of their publication in the Official
Gazette. Through this amendment definition "willful defaulter" of has
been be inserted, which means any person who is categorized as a willful
defaulter by any bank or financial institution or consortium thereof,
in accordance with the guidelines on willful defaulters issued by the
Reserve Bank of India and includes any person whose director, promote or
partner is categorized as such. Further the restriction has been
imposed, that no person who is a willful defaulter shall make a public
announcement of an open offer for acquiring shares or enter into any
transaction that would attract the obligation to make a public
announcement of an open offer for acquiring shares under these
regulations.
FEMA
In
terms of the Foreign Exchange (Compounding Proceedings) Rules, 2000, to
ensure more transparency and greater disclosure, it has now been
decided to disseminate the information pertaining to compounding orders, and to host the compounding orders passed on or after June 1, 2016
on the Bank’s website and shall be updated at monthly intervals.
Further, the amount imposed is calculated based on guidance note. It
may, however, be noted that the guidance note is meant only for the
purpose of broadly indicating the basis on which the amount to be
imposed is derived by the compounding authorities in Reserve Bank of
India. The actual amount imposed may sometimes vary, depending on the
circumstances of the case taking into account the factors prescribed.
Thanks & Regards,
Meetesh Shiroya
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