NISHITH.TV
  • Mumbai
  • Silicon Valley
  • Bengaluru
  • Singapore
  • Mumbai BKC
  • New Delhi
  • New York

Locations

  • Mumbai
  • Silicon Valley
  • Bengaluru
  • Singapore
  • Mumbai BKC
  • New Delhi
  • New York
  • Content
  • Home
  • ABOUT US
  • NDA in the Media
  • Areas of Service
  • Research and Articles
  • Opportunities
  • Contact
  • NDACloud
  • Client Access
  • Member Access
  • Events and Calendar
  • How we perform
  • Knowledge anywhere, anytime
  • See our recent deals
  • Transactional insights unlocked
  • Up to date legal developments
  • Case studies in M&A

M&A Lab

HTMLPDF

November 26, 2012

Public M&A's in India: Takeover Code Dissected

I buy companies, break them up into pieces and then I sell that off; it's worth more than the whole, explains the callous corporate acquirer enacted by Richard Gere in the celebrated movie, Pretty Woman. The movie shows him scheming to acquire a financially distressed company through a hostile bid and strip it off its assets, completely disregarding the years of hard work invested in the company by its promoters. Evidently, in the highly competitive business world, it is critical for each of the stakeholders in a company to guard their interests in the company from all forms of third party interferences. Shareholding in companies and ownership of business are amongst the most prized assets today. This is exactly where the significance of takeover laws lies and states around the globe have enacted various securities laws to protect the interests of the stakeholders in a company.

Last year, Securities and Exchange Board of India ("SEBI") overhauled the entire takeover regime in India by replacing the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (the "1997 Code") with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the "Takeover Code"). On October 22, 2012, the Takeover Code turned 1, but the market and the key M&A players are yet to get completely in sync with the law. One year, around 70 open offers and a few noteworthy SEBI orders down, the Pandora's box opened by the TRAC does not seem to have run out of stock. The buzz around the Takeover Code and the implications of the change in law refuses to settle down. Naturally, when the entire legal regime pertaining to takeovers has been fully revised, questions and confusion will be aplenty. Celebrating the first anniversary of the law that overhauled the Indian takeover regime, we make a deeper probe into the provisions of the Takeover Code and the implications thereon. While the fundamental objective of this Lab is to familiarize the reader with the law, we have also attempted to highlight the lacunae in the law that need to be considered and reviewed by the market regulators.


For a detailed analysis of the legal and tax issues, please click here for the document.


 


– Arun Scaria, Alap Yadav, Simone Reis, Nishchal Joshipura
You can direct your queries or comments to Team M&A

 

INTERESTING READ

FLÄKT (INDIA) LIMITED, FLÄKTWOODS GROUP, HAS ACQUIRED THE AIR MANAGEMENT SYSTEMS08-01-2020
FLÄKT (INDIA) LIMITED, FLÄKTWOODS GROUP, HAS ACQUIRED THE AIR MANAGEMENT SYSTEMS08-01-2020

Mission and Vision


Distinctly Different

What's New


Law applied in a vacuum
Regulatory Hotline: May 30,2025
Dr. Nishith M. Desai Honored with Prestigious Lifetime Achievement Award by International Start-up Foundation at Texas State University
Press Release : May 30,2025

Events


Webinars

Reimagining CSR: From Grant Giving to Blended Finance & Outcome-Based Funding
June 16,2025 - June 16,2025

Seminar

Guided Meditations by Dr. Deepak Chopra
December 14,2024 - December 14,2024

This event is over. For event material please click here


Round Table

Investing In Net Zero
July 22,2022 - July 22,2022

This event is over. For event material please click here

News Roundup


News Articles

2025 Watchlist: Life Sciences Sector India
April 04,2025

Quotes

BCI amends rules to let foreign law firms operate with partners in India
May 15,2025

Newsletters


Regulatory Hotline

Law applied in a vacuum
May 30,2025

Press Release

Dr. Nishith M. Desai Honored with Prestigious Lifetime Achievement Award by International Start-up Foundation at Texas State University
May 30,2025

Regulatory Hotline

India’s New Digital Lending Law: Building Trust, Transparency and Accountability
May 28,2025

  • Disclaimer
  • Content
  • Feedback
  • Walkthrough
  • Subscribe
Nishith Desai Associates@2016 All rights reserved.