Description:-
Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st of March.
Further, the promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company.
The disclosure shall be made to every stock exchange where the shares of the target company are listed and the target company at its registered office.
Format:-
Format of disclosure under Regulation 30(1) & 30(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Penalty:-
As per SEBI Act, 1992,
Section 15A(1) If any person, who is required under this Act or any rules or regulations made thereunder,
(b) to file any return or furnish any information, books or other documents within the time specified therefor in the regulations, fails to file return or furnish the same within the time specified therefor in the regulations, he shall be liable to a penalty which shall not be less than one lakh rupees but which may extend to one lakh rupees for each day during which such failure continues subject to a maximum of one crore rupees.