Takeover panel seeks industry views

MUMBAI, June 18: The Bhagwati committee on takeovers, in its review meeting held on Thursday, decided to seek views of industry chambers on ...

MUMBAI, June 18: The Bhagwati committee on takeovers, in its review meeting held on Thursday, decided to seek views of industry chambers on certain issues that have cropped up over the past few takeover cases.

"The committee met to raise the issues with regard to the takeover code which will subsequently be discussed in a meeting slated for August 6 and 7," said SEBI chairman, D R Mehta.

The issues will now be circulated among various members of the committee, various chambers, investor associations, related intermediaries and others, for a review of the issues and any other issues which might be recommended by these members will be discussed in the August meeting.

A plethora of issues ranging from the procedures that need to be outlined for reference of cases to the takeover panel, consolidation of holdings, the applicability of the regulations and the new definitions that should come into place, were discussed. The issues raised included whether the creeping acquisition limit be raised for personsholding between 10 per cent and 51 per cent.

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