s 35 Control of substantial shareholdings in broadcasting companies
35.—(1) A person must not, on or after 2 September 2002, become a substantial shareholder of a broadcasting company without first obtaining the approval of the Minister. (2) Subject to section 37(4), a person who, immediately before 2 September 2002, is a substantial shareholder of a broadcasting company must not continue to be a substantial shareholder unless the person has, within 6 months after 2 September 2002 or any longer period that the Minister may allow, applied to the Minister for approval to continue to be a substantial shareholder. (3) A person must not, on or after 2 September 2002, enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any other person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interests in voting shares of an aggregate of more than 5% of the total votes attached to all voting shares in a broadcasting company without first obtaining the approval of the Minister. (3A) In subsection (3), where the broadcasting company concerned is a broadcasting holding company that is an umbrella VCC whose shareholding in or control of a company which holds a relevant licence by virtue of which that company is a subsidiary of the umbrella VCC, is attributable to one or more of its sub-funds, the reference to the voting shares in a broadcasting company is to the voting shares in the umbrella VCC that are issued in respect of that sub-fund or those sub-funds.[S 26/2022 wef 13/01/2022] (4) Subject to section 37(4), a person who, at any time before 2 September 2002, has entered into any agreement or arrangement mentioned in subsection (3) must not continue to be a party to the agreement or arrangement unless the person has, within 6 months after 2 September 2002 or any longer period that the Minister may allow, applied to the Minister for approval to continue to be a party to the agreement or arrangement. (5) For the purposes of this section, a person has an interest in any share if —(a) the person is deemed to have an interest in that share under section 7 of the Companies Act 1967; or (b) the person otherwise has a legal or an equitable interest in that share except for any interest that is to be disregarded under section 7 of the Companies Act 1967. (6) The application of subsection (5) in relation to any share in a VCC is subject to the following modifications:(a) subsection (3) of section 7 of the Companies Act 1967 does not apply; (b) paragraph (ca) of section 7(9) of the Companies Act 1967 does not apply; (c) a book-entry security is treated as an interest in a share; (d) a person that is a subsidiary of a VCC does not have an interest in the shares of the VCC by reason only that that interest is purchased or otherwise acquired by the subsidiary under section 22(6) or (11) of the VCC Act.[S 26/2022 wef 13/01/2022]