Winners of Quiz Takeover Panorama - July 2013 Edition

Shashi Singhvi
Mansi Singhal
Harish Verma

Congratulations to all of you.

Question: 1

Whether the Takeover Open Offer which has been made on account of preferential allotment of Equity Shares can be withdrawn where the proposed acquisition through the preferential issue is not successful?

A. Yes
B. No

Ans: No

Question: 2

What is the time limit for submitting the draft letter of offer with SEBI?

A. Within five working days from the date of the detailed public statement
B. Within five working days from the date of public announcement.

Ans : A - Within five working days from the date of the detailed public statement

Winners of Quiz Takeover Panorama - June 2013 Edition

P Tripathy
Swati Gupta
Anjali Chaurasia

Congratulations to all of you.

Question: 1

Whether the Takeover Open Offer which has been made on account of preferential allotment of Equity Shares can be withdrawn where the proposed acquisition through the preferential issue is not successful?

A. Yes
B. No

Ans: No

Question: 2

Mr. A acquired 90% stake in M/s Z Pvt. Ltd. that holds 35% equity shares in Indian Listed Target Company. What is the applicability of SEBI (SAST) Regulations, 2011 on the said transaction?

A. Disclosure Requirement
B. Open Offer as well as Disclosure Requirement
C. Eligible for Exemption
D. Not Applicable

Ans: Open Offer as well as Disclosure Requirement

Winners of Quiz Takeover Panorama - May 2013 Edition

Manjeet Singh
Tariq Siddiqui
Radhika Bhalla

Congratulations to all of you.

Question: 1

In December 22, 2012, M/s A Ltd. has issued a public announcement to the Stock Exchange. The Offer is proposed to be Open on February 14, 2013. On January 26, 2013, he sold out 3% shares in the market. Whether the above transaction is in line with SEBI (SAST) Regulations, 2011?

A. Yes
B. No

Ans: No

Question: 2

Whether the acquisition of preference shares on which voting rights have been accrued as a result of operation of sub-section (2) of section 87 of the Companies Act, 1956 beyond the threshold limit of 25% will result into triggering of Open Offer?

A. Yes [In terms of regulation of 3(1)]
B. Yes [In terms of regulation of 3(2)]
C. No
D. Yes [In terms of regulation of 4]

Ans: No

Winners of Quiz- Takeover Panorama- April 2013 Edition

Harish Lodha
Renuka Garg
Priyanka Maggu

Congratulations to all of you.

Question: 1

What is the timing of making public announcement in case where the Open Offer has been triggered pursuant to preferential allotment of Equity Shares?

A. Date of approval of preferential allotment by BODs
B. Date of Special Resolution
C. Date of Allotment of Equity Shares
D. Date of Receipt of In-principal approval

Ans: Date of approval of preferential allotment by BODs

Question: 2

What is the time period after which the acquirer becomes eligible to make Voluntary delisting offer where his shareholding has exceeds the maximum permissible non-public shareholding, pursuant to an open offer under SEBI (SAST) Regulations, 2011?

A. 6 months
B. 18 months
C. 12 months
D. No time prescribed

Ans: 12 Months

Winners of Quiz- Takeover Panorama- March 2013 Edition

Abhishek Ratan
CS Vini Gupta
Manu Singh

Congratulations to all of you.

Question: 1

What is the time limit prescribed for making the disclosure of acquisition and disposal of shares to the Stock Exchange and Target Company?

A. Within 4 working days
B. Within 2 days
C. Within 2 working days
D. Within 7 days

Ans: Within 2 working days

Question: 2

What is the applicability of SEBI (SAST) Regulations, 2011 in respect of acquisition of shares constituting 25% of the issued and paid up capital of the Target Company by way of transmission of shares?

A. Open Offer Requirement
B. Disclosure Requirement
C. Open Offer as well as Disclosure Requirement
D. Not Applicable

Ans: Disclosure Requirement

Winners of Quiz- Takeover Panorama- February 2013 Edition

Akriti Sharma
Rohit Seth
Amar Singhi

Congratulations to all of you.

Question: 1

What is the applicability of SEBI (SAST) Regulations, 2011 in respect of acquisition of shares constituting 25% of the issued and paid up capital of the Target Company by way of transmission of shares?

1. Open Offer Requirement
2. Disclosure Requirement
3. Open Offer as well as Disclosure Requirement
4. Not Applicable

Ans: Disclosure Requirement

Question: 2

Mr. A acquired 90% stake in M/s Z Pvt. Ltd. that holds 35% equity shares in Indian Listed Target Company. What is the applicability of SEBI (SAST) Regulations, 2011 on the said transaction?

1. Disclosure Requirement
2. Open Offer as well as Disclosure Requirement
3. Eligible for Exemption
4. Not Applicable

Ans: Open Offer as well as Disclosure Requirement

Winners of Quiz- Takeover Panorama- January 2013 Edition

Aanchal wagle
Anisha gupta
Shankar Kumar Jha

Congratulations to all of you.

Question: 1

As on January 2012: Total Capital of the Company: 1000 Equity Shares
As on January 2012: Total Promoters Shareholding prior to the preferential allotment: 500 Equity Shares (50%)
In the month of January 2012: Preferential Allotment made to the promoters: 200 Equity Shares
In the month of January 2012: Preferential allotment made to the public: 100 Equity Share

Whether the increase in shareholding of promoters on account of preferential allotment is within the creeping acquisition as allowed under regulation 3(2) of SEBI (SAST) Regulations, 2011 assuming the fact that both the preferential allotment to promoters as well non promoters were made simultaneously and there has been no acquisition during the FY 2011-12?

A. Yes
B. No

Ans: Yes

Question: 2

As on January 2013: Total Capital of the Company: 100 Equity Shares
As on January 2013: Total Promoters shareholding: 30 Equity Shares (30%)
Acquisition made during the F.Y. 2012-13: 4 Equity Shares (4%)
Sale made during the F.Y. 2012-13: 2 Equity Shares (2%)
Remaining number of shares that can be acquired as creeping acquisition during the F.Y.2012-13:

A. 3 Equity Shares
B. 6 Equity Share
C. 8 Equity Shares
D. 1 Equity Share

Ans: 1 Equity Shares

Winners of Quiz- Takeover Panorama- December 2012 Edition

1. Karan B. Khattri
2. CS Sharvari S.Kashalikar
3. Sapna Chourasia, Company Secretary, SPC & Associates

Congratulations to all of you.

Question: 1
In which event, the acquirer is required to give the disclosure to the Target Company and Stock Exchange?

A. Acquisition of shares
B. Acquisition of shares as well as convertible warrants
C. Acquisition of shares as well as convertible debentures
D. Acquisition of shares as well as any convertible securities

Ans: Acquisition of shares as well as any convertible securities

Question: 2
Whether the shareholders of the Target Company not holding the shares as on the identified date can tender the shares acquired after the identified date under the Open Offer made for the Target Company?

A. Yes
B. No

Ans: Yes

Winners of Quiz- Takeover Panorama- November 2012 Edition

1. Rajalakshmi S
    Indbank Merchant Banking Services Ltd

2. Ashish Lahoti
    Intensive Fiscal Services Pvt. Ltd.

3. CA Swapnilsagar Vithalani
     KJMC Corporate Advisors (India) Limited

Congratulations to all of you.

Question: 1
What term is used for Public Statement published in the Newspapers?

1) Public Announcement
2) Public Statement
3) Detailed Public Statement
4) Detailed Public Announcement
5) Complete Public Statement

Ans: Detailed Public Statement

Question: 2
Whether the amount paid by the acquirer as control premium to the selling shareholder is required to be offered to the shareholders under the Open Offer?

1) Yes
2) Yes but where it is beyond 25% of the Offer Price
3) No

Ans: YES

Winners of Quiz- Takeover Panorama- October 2012 Edition

1. Anusha
2. Deepak Mishra
3. Ashish Lahoti

Congratulations to all of you.

Question: 1
Whether the publication of post offer public announcement is mandatory?

A. Yes
B. No

Ans: YES

Question: 2
What are the different modes of deposit of consideration in the escrow account?

A. Cash
B. Cash or Securities
C. Cash or Securities or Bank Guarantee
D. Cash or Bank Guarantee

Ans: Cash or Securities or Bank Guarantee

Winners of Quiz- Takeover Panorama- September 2012 Edition

1. Amit Kumar
2. G.K. Sureka
3. Nikunj Savaliya

Congratulations to all of you.

Question: 1
Whether the Target Company is under any obligation to give the annual/continual disclosure to the Stock Exchange in respect of shareholding of its Promoters

A. Yes
B. No

Ans: NO

Question: 2
Whether the Shareholders have been given a right under SEBI (SAST) Regulations, 2011 to withdraw the shares tendered under the open offer during the offer period?

A. Yes
B. No

Ans: NO

Winners of Quiz- Takeover Panorama- August 2012 Edition

2. Shashi Singhvi
    Associate Company Secretary
    Vivro Financial Services Pvt. Ltd.

Congratulations to both of you.

Question: 1
Whether an acquirer (existing holding 30%) who has acquired the shares through bonus issue is not eligible to make Voluntary Open Offer?

A.Yes

B. No

Ans: No

Question: 2
The total promoter’s shareholding in the Target Company is 72%. Now M/s A Ltd. belonging to promoter group enters into an agreement to acquire 4% shares in the Target Company. Whether the above acquisition of shares being less than 5% (Creeping Acquisition) is in line with SEBI (SAST) Regulations, 2011?

A.Yes

B. No

Ans: No

Winners of Quiz- Takeover Panorama- July 2012 Edition

2. Anusha

3. Shashi Singhvi
    Associate Company Secretary
    Vivro Financial Services Pvt. Ltd.

Congratulations to all of you.

Question: 1
Whether the acquisition can be made by the acquirer during the tendering period?

A.Yes

B. No

Ans: No

Question: 2
Whether the inter se transfer of shares amongst X and X’s brother son is eligible for exemption in terms of regulation 10 of SEBI (SAST) Regulations, 2011.

A.Yes

B. No

Ans: No

Winners of Quiz- Takeover Panorama- June 2012 Edition

2. R.Gopalakrishnan

3. CS Shashi Singhvi

Congratulations to all of you.

Question: 1
What is the timing of making public announcement in case where the Open Offer has been triggered pursuant to preferential allotment of Equity Shares?

A. Date of approval of preferential allotment by BODs

B. Date of Special Resolution

C. Date of Allotment of Equity Shares

D. Date of Receipt of In-principal approval

Ans: Date of Special Resolution

Question: 2
What is the time prescribed for completion of acquisition contracted under any agreement attracting the obligation to make an open offer?

A. Within 10 working days from the completion of offer

B. Within 15 weeks from the completion of offer

C. Within 15 working days from the expiry of the offer period

D. Not later than 26 weeks from the expiry of the offer period

Ans: Not later than 26 weeks from the expiry of the Offer period

Winners of Quiz- Takeover Panorama- May 2012 Edition

2. Brijesh Thakkar

Congratulations to both of you.

Question: 1
X holding 30% Equity Shares as on May 2012 in the Target Company has acquired 3% Equity Shares during the period November 2011 to April 2012. Now X proposes to make voluntary open offer to the shareholders of the Target Company. What would be the minimum size of such voluntary open offer in accordance with SEBI (SAST) Regulations, 2011?

A. 20%

B. 10%

C. 26%

D. 25%

Ans: 26 %

Question: 2
What is the minimum offer size for voluntary offer by a person holding less than 25% shares in the Target Company?

A. 26%

B. 10%

C. 20%

D. All of the outstanding shares of the Company as on the date of PA

Ans: 26 %