Regulation 12 of SEBI SAST (indirect acquisition of control of the target Company)
jayesh ahire
(Querist) 20 December 2010
This query is : Open
acquisition of control of an unlisted company
An unlisted public company along with the other individuals and body corporate made an open offer to acquire 20% of an listed company and becomes one of the promoter in the target company. After the offer, the control of the unlisted company is proposed to be handed over to some other person who is not related to the promoter group.
in such a scenario.. i have following queries:
1. will such transfer of control of the unlisted company attract SAST Regulations to make open offer or pass special resolution u/r 12 by the target co?
2. is there any time limit after the offer prohibiting such transfer of control?
please consider 2 situations wherein the Unlisted Company holds 20% shares and 0% shares in the Target Company
if possible also provide any case law for the same
