28. (1) The disclosures under this Chapter shall be of the aggregated shareholding and voting rights of the acquirer or promoter of the target company or every person acting in concert with him.
(2) For the purposes of this Chapter, the acquisition and holding of any convertible security shall also be regarded as shares, and disclosures of such acquisitions and holdings shall be made accordingly.
(a) any restriction on the free and marketable title to shares, by whatever name called, whether executed directly or indirectly;
(b) pledge, lien, negative lien, non-disposal undertaking; or
(c) any covenant, transaction, condition or arrangement in the nature of encumbrance, by whatever name called, whether executed directly or indirectly.
- Refer SEBI Circular dated 07.03.2022 Automation of disclosure requirements under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011-System Driven Disclosures – Ease of doing business. To view the circular, Click Here.
SEBI (SAST) (Second Amendment) Regulations, 2019 dated 29.07.2019
NSE Guidance note on reason for Encumbrance dated 27.09.2019