SEBI on May 18, 2024, published the amendments to the SEBI ICDR Regulations in the official gazette subsequent to the release of interim recommendations by the expert committee on 'Ease of Doing Busin...
Published On: 19/07/2023
Practice Area: Corporate & Commercial, Capital Markets & International Offerings
Authors:
Ravi Dubey
Sakshi Sharma
SEBI clarifies the exemption from the obligation of making an open offer, available under the Takeover Code for inter-se transfer of shares amongst a promoter and its immediate relatives, in an informal guidance. Cases involving indirect acquisition of shares of the target company by transfer of shares of the promoter entity that results in a change of control do not qualify for an automatic exemption from the open offer obligation. INDUSLAW's Ravi Dubey and Sakshi Sharma discuss the way forward for the scope of inter-se exemption under the Takeover Code.
