Section 133: Person making a take-over bid.

(1) Subject to this section, a take-over bid shall be deemed to be made by a person who, either himself or through his agent, despatches a bid; or by two or more persons jointly or in concert who either by themselves, or through their agent despatch a bid to shareholder at approximately the same time in order to acquire:
(a) shares of any class in an offeree company which:
(i) either alone; or
(ii) if combined with shares of that class in the offeree company already, on the date of the takeover bid, beneficially owned or controlled directly or indirectly, by that person or any of them or any company belonging to the same group as that person or, as the case may be, those persons or any of them, or any company belonging to the same group as that person or, as the case may be, those persons or any of them, would exceed 30 per cent (or any lower or higher threshold as determined by the Commission from time to time) of the issued shares included in that class; or
(b) sufficient shares in the offeree company to make that company the subsidiary of that person or, as the case may be, of any of those persons; or
(c) sufficient shares in the offeree company to enable that person or, as the case may be, those persons or any of them to exercise or to control the exercise of not less than 30 per cent (or any lower or higher threshold as determined by the Commission from time to time) of the voting power at any general meeting of offeree company.
(2) Subject to this section, a take-over bid shall be deemed to be made by a company either by itself or through its agent, when it despatches a bid to its shareholders at approximately the same time in order to re-purchase the company's own shares.
(3) A take-over bid shall not be made in any case where a bid is despatched:
(a) to fewer than twenty shareholders or such other number as may be prescribed by the Commission, in order to purchase shares by way of separate agreements;
Provided that a take-over bid shall be made in any case where a bid is despatched to such number of shareholders holding in the aggregate a total of 51 per cent of the issued and paid up shares of the company;
(b) to purchase shares in a company which has fewer than twenty or such other number as may be prescribed in the regulations; two or more persons who are joint shareholders being counted as one share holder; or
(c) in circumstances or for a purpose prescribed by regulations.
(4) A take-over bid shall not be made in any case where the shares to be acquired under a bid are shares in a private company.