New Takeover Code 2011: New Era Or Damp Squib?

Published on Sat, Mar 29,2014 | 18:18, Updated at Sat, Mar 29 at 18:47Source : Moneycontrol.com | Watch Video :

The 2011 Takeover Code significantly overhauled its 1997 predecessor and changed the life of Indian companies and global players looking to India. The 2011 Code has also been extolled for simplifying the open offer and disclosure regimes in India, while incorporating best practices from international jurisdictions. However, almost two years after it was introduced, industry is still grappling with issues surrounding control and negative control, SEBI's maverick (and often discordant) interpretation of the Code, and the sketchy manner in which SEBI has been handling its interface with other regulators. At the IBA M&A Conference 2014, VS Sundaresan of SEBI, Adam Emmerich of Wachtell Lipton, Somasekhar Sundaresan of J Sagar Associates, Raj Balakrishnan of Merrill Lynch, Daniela Favoccia of Hengeler Mueller & Sridhar Gorthi of Trilegal discussed the latest developments in relation to the Takeover Code, including the impact of the Supreme Court's surprising decision in Subhkam and how they see the Indian takeover regime evolving.