Section 15H:
Penalty for non-disclosure of acquisition of shares and takeovers.
1[15H. Penalty for non-disclosure of acquisition of shares and takeovers.-- If any person, who is
required under this Act or any rules or regulations made thereunder, fails to
(i) disclose the aggregate of his share holding in the body corporate before he acquires any shares
of that body corporate; or
(ii) make a public announcement to acquire shares at a minimum price;
2[(iii) make a public offer by sending letter of offer to the shareholders of the concerned
company; or
(iv) make payment of consideration to the shareholders who sold their shares pursuant to letter of
offer],
he shall be liable to a penalty 3[which shall not be less than ten lakh rupees but which may extend to
twenty-five crore rupees or three times the amount of profits made out of such failure, whichever is
higher].
Notes:
1. Ins. by Act 9 of 1995, s. 9 (w.e.f. 25-1-1995). br
2. Ins. by Act 59 of 2002, s. 16 (w.e.f. 29-10-2002).
3. Subs. by Act 27 of 2014, s.13, for certain words (w.e.f.8-2-2014)br