Tag: SEBI
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Constitutional Validity of Regulatory Regime for CIS Upheld
Earlier this week, a single judge of the Calcutta High Court in Rose Valley Real Estate & Construction Ltd v. Union of India upheld the constitutional validity of certain sections of the SEBI Act (including section 11AA) and certain provisions of the SEBI (Collective Investment Scheme) Regulations, 1999 (the CIS Regulations). Specifically, a challenge was…
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Fresenius Kabi: SEBI Order on Delisting
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Securities Laws Amendment Ordinance: An Overview
As some of us have observed time and again on this Blog, the substantive aspects of securities regulation have become progressively extensive and sophisticated in India. Over the last two decades of SEBI’s functioning, it has constantly updated securities laws to meet with market developments, whether it is in the primary markets (IPOs, QIPs, etc.)…
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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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Committee Report on Foreign Portfolio Investments
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SAT Order on Minimum Public Shareholding Norms
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SEBI Order on Public Shareholding Norms
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SEBI order in Educomp matter
A recent SEBI order has granted an exemption to Educomp’s CMD, Mr. Shantanu Prakash from having to make an open offer in relation to an acquisition of 7.5% of the shareholding of Educomp. At the outset, we should look at the facts in this case which are quite peculiar – Educomp’s CMD, Mr. Shantanu Prakash…
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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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