Sebi, however, allowed wilful defaulters to make counter-offers to avoid hostile takeovers
Experts say it's not only important to get due-diligence done by an independent firm but it needs to be cross-checked, too.
Some experts says that the high net-worth requirement of Rs 50 crore for setting up an IU is a deterrent.
An exchange which preaches others on governance must start practising it first, says Shyamal Majumdar.
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The new provisions strengthen the hands of minority shareholders and will improve corporate governance.
Recently, Sebi has revised the Code of Corporate Governance for listed companies significantly. Most revisions are in sync with the provisions in the Companies Act 2013, though some norms are stricter than those in the Companies Act 2013.
Vadra launched Skylight Hospitality four months after the DLF shares got listed, amid complaints of inadequate disclosure from investor associations and former business partner Kimsuk Krishna Sinha.
Most analysts, who have long stopped covering UB stocks because of continuing troubles, were surprised to see a sudden spike of up to 20 per cent in their share prices on Tuesday.
Penalties for undisclosed foreign income and assets extend up to 300%.
Act says remuneration to directors and key managerial personnel should involve a balance between fixed and incentive pay.
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