s 86E Notice to Authority by 5% controller
86E.—(1) If a person becomes a 5% controller of a designated entity on or after the effective designation date as a result of an increase in the holding of equity interest, or in the voting power controlled, by that person or any associate of that person, that person must within 7 days after becoming the 5% controller give written notice to the Authority of that fact.[Act 20 of 2024 wef 01/04/2025] (2) Any person who contravenes subsection (1) shall be guilty of an offence.[40/2017] (3) In any proceedings for an offence in relation to a contravention of subsection (1), it is a defence for the accused to prove that the accused —(a) was not aware of the contravention when it occurred; and (b) notified the Authority of the contravention within a period of 14 days after becoming aware of the contravention.[40/2017] (4) In any proceedings for an offence in relation to a contravention of subsection (1), it is also a defence for the accused to prove that, though the accused was aware of the contravention —(a) the contravention occurred as a result of an increase in the holding of equity interest, or in the voting power controlled, by any of the associates of the accused, in the designated operating entity or designated equity interest holder, as the case may be;[Act 20 of 2024 wef 01/04/2025] (b) the accused has no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate with respect to the acquisition, holding or disposal of equity interests or other interests, or under which they act together in exercising their voting power, in relation to the designated operating entity or designated equity interest holder, as the case may be; and[Act 20 of 2024 wef 01/04/2025] (c) the accused notified the Authority of the contravention within a period of 7 days after the contravention.[40/2017] (5) Except as provided in subsections (3) and (4), it is not a defence in any proceedings for an offence in relation to a contravention of subsection (1) to prove that the accused did not intend to or did not knowingly contravene subsection (1).[40/2017]