Sebi (Substantial Acquistion of Shares and takeover) Regulations, 2011 will take effect on October 22.
India's merger and acquisition rules are all set for a makeover, with a panel set up by the market regulator virtually rewriting the Takeover Code. The new rules, experts said, were likely to make M&As expensive, while offering better terms to minority shareholders.
The six-member board -- comprising HDFC chairman Deepak Parekh, former Nasscom president Kiran Karnik, former Sebi member C Achuthan, CII chief mentor Tarun Das, renowned chartered accountant TN Manoharan and LIC nominee Suryakant Balakrishnan -- met in Hyderabad on Thursday for the third time after it was constituted January 12.
Market regulator SEBI is likely to announce the new takeover rule for companies by the end of this year, Chairman of the Takeover Regulatory Advisory Committee C Achuthan said on Monday.
Sebi's go-to consultant for legal issues works a 16-hour day but yearns to play with his two-year-old grandson.
The government is likely to appoint more directors on the board of the crisis-ridden Satyam Computer Services soon. "More directors will be appointed within two days," a senior official of the Ministry of Corporate Affairs said.
Moving quickly to stabilise the fraud-devastated Satyam Computer, the government on Sunday nominated noted banker Deepak Parekh, IT expert Kiran Karnik and former Sebi member C Achuthan to the infotech company's board.
The two firms, however, cannot be termed as auditors of Satyam as the appointment of an auditor can be done only after securing the company's shareholders' consent. Sleuths investigating the Satyam fiasco on Tuesday conducted raids at the Hyderabad office of PriceWaterhouseCoopers, Satyam's auditing firm, and are understood to have recovered several crucial documents.
On February 17, 2009, Satyam case was handed over to CBI.
Satyam's employees had to undergo mental trauma, job uncertainty and financial problems, after many were forced to leave.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances