[Regulation 8A]Takeover disclosure of pledged shares within 7 working days to Company & Stock Exchange

Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2009

Disclosure of pledged shares is mandated under SEBI Takeover Code.

The terms "promoter" and "promoter group" shall have the same meaning as is assigned to them under Clause 40A of the Listing Agreement.

Transitional Provision

A promoter or every person forming part of the promoter group of any company shall, within 7 working days from 28th January 2009 disclose details of shares of that company pledged by him, if any, TO that company.

Disclosure by Promoter or Promoter Group TO Company

• Promoter or promoter group shall inform details of pledge of shares within 7 working days of creation of pledge on shares TO the Company.
• Promoter or promoter group shall inform details of invocation of pledge of shares within 7 working days of invocation of pledge on shares TO the Company.

Disclosure by Company To Stock Exchanges

If during any quarter ending March, June, September and December of any year, the lower of the following limits are exceeded,

• The aggregate number of pledged shares by promoter or promoter group during the Quarter exceeds Rs.25,000/-
• The total aggregate number of pledged shares by promoter or promoter group including that Quarter exceeds 1% of total shareholding or voting rights.

Then, Company shall inform details of pledge received from promoter or promoter group within 7 working days of receipt of information TO the Stock Exchanges.

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