27B. Manner in which order made under section 27 or section 27a shall be carried out.
(1) Where in any report made by it, whether under section 27 or section 27A, the Commission recommends that the division of any trade of any undertaking or division of any undertaking or undertakings or of interconnected undertakings, or, as the case may be, the severance of interconnection between two or more undertakings, is to be effected by -
(a) the disinvestments by any person holding any share in the body corporate owning such undertaking or undertakings; or
(b) the sale of the whole or any part of such undertaking or undertakings, or, of any part of the assets thereof,
The Central Government may, in its order under the said section 27 or section 27A, specify that such disinvestments of shares or the sale of the whole or part of the undertaking or undertakings or of such assets, as the case may be, shall be effected within such period and in such one or more of the following methods as may be specified in such order, namely :-
(i) by directing the person holding such shares to make a public offer for the sale of such number of shares held by him in the body corporate owning the undertaking or undertakings, as may be specified in the order; or
(ii) by directing the body corporate owning the undertaking to make further issue of equity capital to the members of the public except to the person who is directed to disinvest the shares held by him in such body corporate; or
(iii) by directing that the sale of the undertaking or any part thereof, or, as the case may be, of such assets, be made by public auction; or
(iv) by such other prescribed method as the Central Government may specify :
Provided that the Central Government may extend on its own motion or on the application of the person concerned and for sufficient cause, the period specified as aforesaid in any order made by it under section 27 or section 27A by another order.
(2) Every order of the Central Government referred to in sub-section (1), shall have effect notwithstanding anything contained elsewhere in this Act or in any other law for the time being in force or in the memorandum or articles of association of the body corporate owning the undertaking.
(3) Where any person who has been directed to do so by an order referred to in sub-section (1), omits or fails to disinvest any share or block of shares specified in the said order, the body corporate in which such shares are held shall not permit such person or his nominee or proxy to exercise any voting or other rights attaching to such share or block of shares.
|