Tag: Mergers and Acquisitions
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Guest Post: CCI Amends Merger Control Regulations
[The following post is contributed by Karan Singh Chandhiok, Head of Competition Law and Dispute Resolution, Chandhiok & Associates, Advocates and Solicitors; and Vikram Sobti, Senior Associate with the firm. The authors may be contacted at karan.chandhiok@chandhiok.com and vikramsobti@chandhiok.com respectively] On 28 March 2014, the Competition Commission of India (CCI) issued a notification amending the
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Delaware Standard for Controlled Company Mergers
Delaware courts have long been considering disputes pertaining to mergers between companies and their controlling shareholders. Not only do such mergers involve related party transactions but they are also used as a means to squeeze out the minority shareholders of the target who are cashed out as part of the merger. In one of the
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Withdrawal of a Takeover Offer
[The following post is contributed by Yogesh Chande, who is a Consultant with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal] In an interesting order passed on February 20, 2014, the whole time member of the Securities and Exchange Board of India (SEBI) has refused the withdrawal of an open offer made
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Scheme of Arrangement: Notice to Central Government
Since a scheme of arrangement, once sanctioned, becomes binding on all shareholders and creditors a company and also has wider impact, company law prescribes a stringent process for the same. One such is the requirement that the court must issue notice to the Central Government under section 394-A of the Companies Act, 1956 and take
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SAT on Acquisitions by Persons Acting in Concert
Background In a recent decision, the Securities Appellate Tribunal (SAT) ruled on the acquisition of shares by a person acting in concert (PAC) with other shareholders, and whether an increase in the individual shareholding of that person beyond 15% triggered a mandatory open offer requirement under the erstwhile SEBI (Substantial Acquisition of Shares and Takeovers)
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Takeover Regulations: Intention to Acquire
[The following post is contributed by Yogesh Chande, who is a Consultant with Economic Laws Practice, Advocates & Solicitors. Views of the author are personal] In an order passed by the SEBI, Adjudicating Officer in the context of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations (SEBI Takeover Regulations), the Adjudicating Officer relying upon a
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Paper on Private Equity in India
Normal 0 false false false EN-US JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:”Times New Roman”;} In the past, some readers have asked if we could cover matters pertaining to the private equity sector in greater detail. Often, the difficulty
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SPEL Semiconductor: SEBI’s Exemption from Open Offer
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Analysis of the Companies Act, 2013
In due course, we propose to analyze various provisions of the Companies Act, 2013. In this behalf, Mihir has recently commented upon the class action mechanism stipulated in the legislation. As for previous analyses of the provisions (as they were contained in the Companies Bill, 2011), please see the following earlier posts on the Blog:
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Takeover Exemption: Inter Se Transfer Among Promoters
A few months ago, we had discussed certain orders passed by SEBI that exempted parties from mandatory open offers in certain specific circumstances. Recently, SEBI passed an exemption order in a transfer involving the shares of GMR Infrastructure Limited (the target company). In this case, 70.3% of the shares of the target company are held
