Section 109: Provisions relating to take over of a body corporate or control over a body corporate

1) If a person or a group of persons or body corporate is to purchase the shares of any body corporate in a lump sum or at several times with the intention of taking full ownership of such a body corporate or control over the management of that body corporate, such transaction on the purchase and sell of shares shall have to be done in a transparent manner.

2) If any person or group of persons in collaboration or any body corporate purchases or owns more than fifty percent, or more than such percent as specified by the Board, of the shares of any body corporate, it shall be deemed to have control over the management for the purposes of sub-section (1).

3) The manner in which an offer is to be made on the sale of shares of any body corporate in a manner to acquire the full ownership of the body corporate or have control over the management of the body corporate pursuant to sub-section (1), process on the purchase and sale of shares and other provisions pertaining thereto shall be as prescribed