No person shall make a public announcement of an open offer for acquiring shares:

Wilful Defaulter – Regulation 6A of SEBI SAST Regulations ·       No person who is a wilful defaulter shall make a public announcement of an open offer for acquiring shares or enter into any transaction that would attract the obligation to make a public announcement of an open offer for acquiring shares under these regulations. ·       However, this regulation shall not prohibit the wilful defaulter from making a competing offer in accordance with regulation 20 of these regulations upon any other person making an open offer for acquiring shares of the target company. ·       Therefore, for willful defaulter the only route available is making competing offer.