Inputs and Suggestions to TRAC

The Takeover Regulations Advisory Committee (discussed earlier) has invited inputs and suggestions regarding suitable amendments to the SEBI Takeover Regulations. This is part of the committee’s consultative process. Suggestions are due in the prescribed format by October 31, 2009.

The background for the proposed amendments is as follows:

There have … been various prominent judgments by Hon’ble Supreme Court, various Hon’ble High Courts and the Hon’ble Securities Appellate Tribunal that have further clarified and redefined the scope and applicability of the Takeover Regulations. Further, … SEBI has also issued various informal guidance / interpretative letters regarding interpretation of various provisions of the Takeover Regulations. A need has thus arisen to review and realign the Takeover Regulations with these developments and to ensure that they reflect the best practices adopted globally.

About the author

Umakanth Varottil

Umakanth Varottil is an Associate Professor at the Faculty of Law, National University of Singapore. He specializes in corporate law and governance, mergers and acquisitions and cross-border investments. Prior to his foray into academia, Umakanth was a partner at a pre-eminent law firm in India.

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