Regulation 29, TAKEOVER CODE, 2011

Respected sir, As per regulation 29of takeover code , is a pledger is any person (other than promoter) pledges shares is not required to disclose pledge. While if pledger is promoter then he is required to give disclosure (as per regulation 31) Pledgee point of veiw If pledgee is bank - bank are not required to disclose any shares pledge with them If pledgee other than bank - required to disclose shares pledge with them under reg. 29 Conclusion Pledgor - promoter- required to disclose Any other - no requirement Pledgee - bank - not required Any other - required to disclose Question - in deal between adani and Deutsche Bank , adani pledge shares of ambuja and acc with Deutsche Bank , then as per regulation 29 Deutsche Bank not required to disclose but why bank issue the disclosure by writing pursuant to reg. 29

Yes, as per the provisions of takeover code, the regulation 29 is not applicable to a scheduled commercial bank as pledgee in connection with a pledge of shares for securing indebtedness in the ordinary course of business. So, either the bank is not scheduled commercial bank as per RBI or it may be has made the disclosure voluntarily. The disclosure is not mandatory for bank but it can make it voluntarily.

Answer given by Shubhamm Sir at 01-Dec-2022 03:58 AM