These Rules may be cited as the Securities (Takeovers and Mergers) Rules, 1993
Interpretation
(1) In these Rules, unless the context otherwise requires—-
“acquisition of voting rights” includes the exercise of control or direction over
voting rights other than by way of a revocable proxy given for no consideration for the
purpose of one meeting of shareholders only;
“acting in concert” means persons who, pursuant to an agreement or
understanding, actively co-operate to obtain or consolidate control of a company
through the acquisition of voting rights of the company;
“control” shall be deemed to mean a holding, or aggregate holdings, of thirty-five
percent or more of the voting rights of a company, irrespective of whether that holding
or holdings gives de facto control;