Securities and Exchange Board of India(SEBI) has reconstituted its Takeover Panel and appointed N Venkatram MD and CEO, Deloitte India as the new member of the Takeover Panel.
- Takeover Panel looks into the applications that are seeking exemption from the mandatory open offer that an acquirer needs to make to minority shareholders.
Current Takeover Panel:
Justice N. K. Sodhi
|Former Chief Justice of High Courts of Karnataka & Kerala and Former Presiding Officer of the Securities Appellate Tribunal||
|2.||Darius Khambata||Former Advocate General, Maharashtra||Member|
|3.||Thomas Mathew T.||Former Chairman of Life Insurance Corporation of India||Member|
|4.||N. Venkatram||MD & CEO, Deloitte India||Member|
About Takeover Panel:
i.To enable a fair and transparent manner takeover of a company through share acquisition, under Section 30 of the SEBI Act, 1992, SEBI enacted SEBI SAST (Substantial Acquisition of Shares and Takeover) Regulations, 1997, which laid down a procedure to be followed by an acquirer for acquiring majority shares or controlling in another company.
ii.Thereafter, the SAST regulations have been amended many times to address the changing circumstances.
iii.In November 2007, SEBI had constituted the 1st 4-member Takeover Panel, under the chairmanship of K Kannan, former chairman of Bank of Baroda.
iv.The Takeover Panel has been reconstituted in terms of the provision to regulation 11(5) of the SEBI SAST Regulations, 2011 under which SEBI constituted a panel of experts.
v.Powers of the SEBI Takeover panel:
- It is an advisory panel, which scrutinizes the application forwarded to it by SEBI and examines details of the proposed acquisition and the grounds on which the exemption has been sought, etc.
- Later it makes its recommendations to the SEBI and by using the recommendations, SEBI decides about the proposed acquisition.
Recent Related News:
SEBI has approved the appointment of Arun Raste as Managing Director and Chief Executive Officer of National Commodity & Derivatives Exchange Limited(NCDEX) for a term of five years. He succeeds Vijay Kumar.
About Securities and Exchange Board of India(SEBI):
Establishment – On April 12, 1992, in accordance with the SEBI Act, 1992.
Headquarters – Mumbai, Maharashtra
Chairman – Ajay Tyagi