Takeover Regulations

Guidelines for exemption application where trust is an acquirer

On December 22, 2017, SEBI has issued a circular outlining a standard format for the filing of an application under Regulation 11 (1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations”) requesting exemption from the obligation to make an open offer (“Circular”). Over the past few years, promoters of various listed…

Open offer exemptions – Order of a Court or Competent Authorities

Regulation 10(1)(d)(ii) and (iii) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 exempts acquirers from open offer obligations in cases where acquisitions happen through schemes of arrangement undertaken pursuant to an order of an Indian or foreign court, tribunal, or competent authority. In a peculiar informal guidance released on October 30, in the matter…

Special exemptions for rehabilitation of distressed companies

SEBI has recently amended the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 and SEBI (Issue of Capital and Disclosure Requirements) 2009, relaxing norms for acquisition of distressed companies and bringing these regulations in line with the Insolvency and Bankruptcy Code, 2016 (“IBC”). SEBI has introduced an exemption from the requirement of making an…

Supreme Court decides on interpretation of Takeover Regulations, 1997

The Supreme Court, in the matter of SEBI v. Burren Energy India Ltd., has interpreted the meaning of “offer period” and “acquirer” under Regulation 2(1)(f) and Regulation 22(7), respectively of the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 1997. Burren, an English company, signed a share purchase agreement (SPA) with Unocal International Corporation for…

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