Tag: Mergers and Acquisitions
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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…
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Interpreting Reps and Warranties in M&A Deals
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Delaware Court on Going Private Transactions
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Supreme Court on Withdrawal of a Takeover Offer
Background The Supreme Court earlier this month issued its decision on the takeover offer by Nirma Industries Limited to the shareholders of Shree Rama Multi Tech Limited (SRMTL). The court concurred with the view of the Securities Appellate Tribunal (SAT) and the Securities and Exchange Board of India (SEBI) in disallowing the withdrawal of the…
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Defining “Control” in Takeover Regulations
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SEBI Clarifies on Schemes of Arrangement
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Madras High Court on SEBI Circular for Scheme of Arrangement
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Miscellaneous
1. Exemption from Takeover Regulations for Gift of Shares to Family Trust SEBI has granted an exemption to an acquirer from making an open offer under the SEBI Takeover Regulations in the case involving Gujarat Organics Limited (the company). In that case, the promoter Mr. Ashwin S. Dani, owns 71.15% shares in the company, and…
