Modification in the Format of Disclosure required under SEBI (SAST) Regulations, 2011

In order to ensure adequate disclosures, SEBI vide circular dated August 05, 2015 has modified the format for disclosure required under Regulation 31 of SEBI (SAST) Regulations, 2011. Regulation 31 pertains to disclosure required to be made by the promoters of the Target Company for the creation or invocation or release of encumbrance.

SEBI evolved certain changes in the Format:

• Disclosure of percentage holding of promoter group w.r.t diluted share capital in the Target Company has been waived off;
• Reasons of encumbrance of shares shall be specified by the promoters specifically.

This disclosure is event based and is to be made within seven working days of creation or invocation or release of encumbrance by the promoter group to the Target Company and to the stock exchanges where the Target Company is listed.

The modified format for disclosure under Regulation 31 of SEBI (SAST) Regulations, 2011 is attached herewith at Annexure – I.