Acts Online
GT Shield

Companies Act, 2008 (Act No. 71 of 2008)

Companies Regulations, 2011

Chapter 5 : Fundamental Transactions and Takeover Regulations

Part E : Takeover Panel Procedures

119. Procedure before the Executive Director and Takeover Special Committee at hearings

 

 

(1) At any hearing before the Executive Director or the Takeover Special Committee—
(a) each party is entitled to—
(i) state its case in writing beforehand;
(ii) call witnesses to give relevant evidence, and question any witness called by another party; and
(iii) present argument orally, in writing, or both;
(b) the Executive Director or Takeover Special Committee, as the case may be, may call any evidence;
(c) neither the Executive Director nor the Takeover Special Committee is obliged to apply the law of evidence;
(d) the Executive Director or the Takeover Special Committee, as the case may be, must follow the principle of audi alteram partem, unless it is fair, reasonable and justifiable to do otherwise; and
(e) the procedures may be conducted in as informal a manner as is consistent with the requirements of the Act and this regulation.

 

(2) The proceedings of hearings may be recorded at the discretion of the Executive Director or Takeover Special Committee, as the case may be, and any such recording may be transcribed, subject to any conditions that the Executive Director or Takeover Special Committee may prescribe.

 

(3) The Executive Director or chairperson of the Takeover Special Committee, as the case may be—
(a) must preside and control the proceedings at hearings; and
(b) may prescribe the date and time of each hearing, and the time within which any particular action is to be taken; and
(c) must give written decisions, supported by reasons and a background summary of the matter, to the parties as soon as reasonably practicable.

 

(4) If the Executive Director or the Takeover Special Committee, as the case may be, determines that a decision should be made available to the public—
(a) the Executive Director or the Takeover Special Committee may require publication of a notice within a specified time, stating that the decision has been placed on the Panel website; and
(b) if the person directed to publish the notice fails to do so within the specified time the Executive Director may procure publication of the notice at the expense of that person.