Section 5
of Securities Markets Order, 2013
Section 5
(1)
For the purposes of this Part, a controller of a regulated person increases his control over the regulated person if -
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{a} the percentage of shares held by the controller in the regulated person increases by any of the steps mentioned in subsection (2);
{b) the percentage of shares held by the controller in a parent undertaking of a regulated person increases by any of the steps mentioned in subsection (2);
{c)
the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in the regulated person increases by any of the steps mentioned in subsection (2);
(d)
the percentage of voting power which the controller is entitled to exercise, or control the exercise of, in the parent undertaking increases by any of the steps mentioned in subsection (2); or
(e)
the controller becomes a parent undertaking of a regulated person.
(2)
The steps are -
(a}
from below 10 percent to 10 percent or more but less than 20 percent;
(b)
from below 20 percent to 20 percent or more but less than 33 percent;
(c)
from below 33 percent to 33 percent or more but less than 50;
(d)
from below 50 percent to 50 percent or more.
(3)
In paragraphs (a} to (d) of subsection (1), ''controller" means
(a} the controller;
(b)
any of the controller's associates; or
(c)
the controller and any of his associates.
(4)
In this Part, ''acquiring control" or ''having control" ipcludes
(a}
acquiring or having an additional kind of control; or
(b)
acqmnng an increase in a relevant kind of control, or having increased control of a relevant kind.
Reducing control.