Tag: indirect investment
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Supreme Court on Takeover Regulations: Daiichi appeals allowed
[Posted by Mihir Naniwadekar] A three-Judge bench of the Supreme Court has delivered its judgment (per Aftab Alam J.) in Daiichi Sankyo v. Chigurupati and Daiichi Sankyo v. Narayanan (Civil Appeal No. 7148/2009 and Civil Appeal No. 7314/2009, judgment dated 8 July, 2010); where the Supreme Court has in a common judgment allowed appeals against…
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SAT on indirect acquisitions – correct in letter and spirit
[Posted by Somasekhar Sundaresan] Earlier this month, the Securities Appellate Tribunal (“SAT”) opined on the computation of the minimum offer price for an indirect takeover of a listed company. An interesting critique of this opinion was published on this blog the next day. The SAT had disposed of two appeals (Appeals No. 137 and 139…
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Indirect Acquisitions and Determination of Open Offer Price
[Posted by Umakanth Varottil] (The following post has been contributed by Avinash Balasubramaniam, who is an alumnus of the ILS Law College and a practising lawyer based in Chennai) The Securities Appellate Tribunal (SAT) yesterday delivered its verdict in the Zenotech open offer case directing Daichi to offer Rs.160/share to the shareholders of Zenotech. So…
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Precision Remains Elusive with Investment Law
[Posted by Somasekhar Sundaresan] I wrote the following column in the Business Standard on February 23, 2009: In a bold move, the government has opened up foreign investment in an unprecedented manner. The move legitimizes many a structure that would have hitherto been keeping even their authors shy. The Cabinet Committee on Economic Affairs has…