Write notes on the following: Obligations of the Acquirer under SEBI Takeover Code.

Obligations of the Acquirer under SEBI Takeover Code: Prior to making the public announcement of an open offer for acquiring shares under the regulations, the acquirer shall ensure that firm financial arrangements have been made for fulfilling the payment obligations under the open offer and that the acquirer is able to implement the open offer, subject to any statutory approvals for the open offer that may be necessary. In the event the acquirer has not declared an intention in the detailed public statement and the letter of offer to alienate any material assets of the target company or of any of its subsidiaries whether by way of sale, lease, encumbrance or otherwise outside the ordinary course of business, the acquirer, where he has acquired control over the target company, shall be debarred from causing such alienation for a period of two years after the offer period. The acquirer shall ensure that the contents of the public announcement, the detailed public statement, the letter of offer and post offer advertisement are true, fair and adequate in all material aspects and not misleading in any material particular, and are based on reliable sources, and state the source wherever necessary. The acquirer and persons acting in concert with him shall not sell shares of the target company held by them, during the offer period. The acquirer and persons acting in concert with him shall be jointly and severally responsible for fulfilment of applicable obligations under these regulations.