SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION No. SEBI/LAD-NRO/GN/2015-16/026.— Mumbai, the 22nd December, 2015
In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, in regulation 10, in sub-regulation (1), after clause (i) the following clause shall be inserted, namely:-
“(j) increase in voting rights arising out of the operation of sub-section (1) of section 106 of the Companies Act, 2013 or pursuant to a forfeiture of shares by the target company, undertaken in compliance with the provisions of the Companies Act, 2013 and its articles of association.”