(iii) make a public offer by sending letter of offer to the shareholders of the concerned company; or — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

[(iii) make a public offer by sending letter of offer to the shareholders of the concerned company; or

1 [(iii) make a public offer by sending letter of offer to the shareholders of the concerned company; or (iv) make payment of consideration to the shareholders who sold their shares pursuant to letter of offer,] he shall be liable to a penalty 2 [which shall not be less than ten lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of such failure, whichever is higher].

Section 1