(1)

The promoter of every target company shall disclose details of shares in such target company encumbered by him or by persons acting in concert with him in such form as may be specified.

(2)

The promoter of every target company shall disclose details of any invocation of such encumbrance or release of such encumbrance of shares in such form as may be specified.

(3)

The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the creation or invocation or release of encumbrance, as the case may be to,-

(a) every stock exchange where the shares of the target company are listed; and

(b) the target company at its registered office.

(4)

[ The promoter of every target company shall declare on a yearly basis that he, along with persons acting in concert, has not made any encumbrance, directly or indirectly, other than those already disclosed during the financial year.

(5)

The declaration required under sub-regulation (4) shall be made within seven working days from the end of each financial year to –

(a) every stock exchange where the shares of the target company are listed; and

(b) the audit committee of the target company.]