Tag: Mergers and Acquisitions
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RBI Permits Deferment of Consideration and Escrow Mechanism Under Automatic Route
[The following post is contributed by Abhishek Dubey who is a Managing Associate with BMR Legal, Delhi. The views expressed here are personal.] In continuation of its policy to rationalize the existing regime under the Foreign Exchange Management Act and to promote the ease of doing business, the Reserve Bank of India (RBI) has amended
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Stamp Duty on Inter-State Amalgamations
[This post is slightly longer than our usual posts. I would like to thank a reader for drawing attention to a judgment that is the subject matter of this post] Stamp duty on schemes of amalgamation undertaken through sections 391 to 394 of the Companies Act, 1956 have tended to experience a great deal of
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M&A Trends in 2015: Focus on “ease of doing business” [ABA India Update]
[The following post is contributed by Satyajit Gupta, Principal – M&A/ Corporate at Advaita Legal. Views are personal, and comments are welcome] With the National Democratic Alliance (“NDA”) gaining a decisive majority in the 2014 general elections, the expectation was that India would experience dramatic growth in all sectors, as the Government and administration would leave
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Analysis of the options proposed by SEBI for ascertaining “control”
[The following guest post is contributed by Amitabh Robin Singh, who is an Associate at DSK Legal. In this, he highlights the benefits and also offers a critique of SEBI’s recent proposals to define “control”] Recently, the Securities and Exchange Board of India (“SEBI”) released a discussion paper to lay down a bright line test for
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Choosing between a blurred line and a bright line: SEBI proposes an objective test for “control”
[The following post is contributed by Vinod Kothari of Vinod Kothari & Co. The subject matter of this post is current given that SEBI is in the process of engaging in a public consultation based on its proposals. We are likely to carry a series of posts on this issue so as to capture a varied set
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Brightline Test for Acquisition of Control
[The following guest post is contributed by Supreme Waskar, who is a corporate lawyer] In the backdrop of ambiguity and concerns in relation to acquisition of ‘control’ of a listed target company, the Securities and Exchange Board of India (“SEBI”) has initiated a consultation process by way of its discussion paper dated March 14, 2016 (“Discussion
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Individual Triggers for Takeover Offers
[The following guest post is contributed by Jyoti Srivastava, who is a Manager at Vinod Kothari & Co.] The Securities and Exchange Board of India (SEBI) has framed regulations providing for the acquisition of shares and takeover of listed companies known as ‘Takeover Code’ or SEBI (Substantial Acquisition of Shares) Regulations, 2011 (‘SAST Regulations, 2011’).
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Change in Shareholding of Individual Promoter Triggers Takeover Code
[The following guest post is contributed by Supreme Waskar, who is a corporate lawyer] In its interpretative letter dated March 01, 2016 under the SEBI (Informal Guidance) Scheme, 2003, in the matter of Capital Trust Limited (“CTL”), SEBI clarified the provisions of regulation 3(3) of the SEBI (Substantial Acquisition of Shares and Takeovers), Regulations, 2011 (“Takeover
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Papers on Takeover Regulation
I have posted two papers on SSRN, the titles and abstracts of which are as follows: 1. “Comparative Takeover Regulation and the Concept of ‘Control’” The mandatory bid rule (MBR), one of the basic tenets of takeover regulation, obligates an acquirer who obtains ‘control’ over a target company to make an offer to acquire the
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Supreme Court on Takeover Offer Price
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