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Comments on SEBI Draft Takeover Code

Author

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  • Varma, Jayanth R.
  • Ragunathan V
  • Dixit R

Abstract

In this paper an attempt has been made to comment on the contents of the Draft Regulation for ‘Substantial Acquisition of Shares in Listed Companies’ of SEBI (Consultative Paper 1). The authors broadly concur with the guiding principles, thrust and coverage of the proposed regulation. They wonder whether the open market purchase as outlined in the proposal will fully protect the interests of the small shareholders. Accordingly, the paper argues as to why open market purchases should not be allowed and why all acquirers wishing to exceed the permissible holding must follow the procedure of open tender offers. Further, the paper brings out the need for a specific regulation governing the possibilities of partial and two-step takeovers. Reference is also made to relevant provisions of the UK and US codes in this regard. And finally, it is argued that with respect to takeover defences, the duties of an acquire need to be spelt out explicitly, especially in certain specific areas.

Suggested Citation

  • Varma, Jayanth R. & Ragunathan V & Dixit R, 1992. "Comments on SEBI Draft Takeover Code," IIMA Working Papers WP1992-02-01_01086, Indian Institute of Management Ahmedabad, Research and Publication Department.
    • Handle: RePEc:iim:iimawp:wp01086
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    Cited by:

    1. Barua, Samir K. & Ragunathan V & Varma, Jayanth R., 1994. "Research on the Indian Capital Market: A Review," IIMA Working Papers WP1994-02-01_01242, Indian Institute of Management Ahmedabad, Research and Publication Department.

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