Friday, September 18, 2009

Inputs and Suggestions to TRAC

The Takeover Regulations Advisory Committee (discussed earlier) has invited inputs and suggestions regarding suitable amendments to the SEBI Takeover Regulations. This is part of the committee’s consultative process. Suggestions are due in the prescribed format by October 31, 2009.

The background for the proposed amendments is as follows:

There have … been various prominent judgments by Hon’ble Supreme Court, various Hon’ble High Courts and the Hon’ble Securities Appellate Tribunal that have further clarified and redefined the scope and applicability of the Takeover Regulations. Further, … SEBI has also issued various informal guidance / interpretative letters regarding interpretation of various provisions of the Takeover Regulations. A need has thus arisen to review and realign the Takeover Regulations with these developments and to ensure that they reflect the best practices adopted globally.

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