| No. | Regulation | Compliance | Timeline | Parties Involved |
|---|---|---|---|---|
| 1 | Regulation 31(1) read with Regulation 31(3) | Information about encumbered shares in a target company must be provided by the promoter and persons acting in concert, unless the encumbrance is carried out in a depository. | Within 7 working days from the creation or invocation or release of encumbrance | Every Stock Exchange where the shares of the target company are listed, the target company at its registered office |
| 2 | Regulation 31(2) read with Regulation 31(3) | Any invocation or release of encumbrance in a target company must be disclosed by the promoter, except when the encumbrance is carried out in a depository. | Within 7 working days from the creation or invocation or release of encumbrance | Every Stock Exchange where the shares of the target company are listed, the target company at its registered office |
| 3 | Regulation 31(4) read with Regulation 31(5) | The promoter and persons acting in concert of every listed company must disclose detailed reasons for encumbrance. | Within 7 working days from the end of each financial year | Every Stock Exchange where the shares of the target company are listed, The Audit Committee of the target company |
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