The 20-member committee is led by former Chief Justice of Punjab and Haryana High Court, Mr. Seabax Jal Vajifdar.
“The commission will have to reassess everything. Jurisprudence has evolved and new issues have emerged,” said a person close to the development.
The Acquisition Code was last reviewed by the Achuthan Committee in 2009.
The new Commission will need to consider the current rules in the light of past judgments and various informal guidelines previously issued by Sebi.
Other members of the committee include Ankur Verma, senior vice president of Tata Sons. Umakant Valottil, Professor of Law, National University of Singapore. Sudhir Kumar Jha, Legal Director of HDFC. Sunil Sanghai, Founder of NovaDhruva Capital and Sundareswaran S, Managing Director of Morgan Stanley Financial Advisors.
The Panel should advise regulators to simplify and strengthen current norms by adopting appropriate global practices. A committee composed of representatives from stock exchanges and law firms should also propose measures to facilitate business.
“The next few years are likely to see a great deal of M&A activity, including in the listed space. Financial sponsors with large pools of capital to deploy into controlling deals will increasingly contribute to this listed M&A space. National Head – M&A and Private Equity Tax, KPMG. “Thus, the review needs to strike the right balance between provisions aimed at protecting minorities and provisions aimed at maintaining global competitiveness in the public acquisition space. I have.”
“A more objective definition of control would be helpful, especially in the context of protection rather than participation rights,” Gupta said.
In 2011, when takeover regulations were reviewed on the recommendation of the late C Achuthan, former chairman of the Securities Appeals Court (SAT), regulators sought to meet the inherent and fundamental control objectives emphasized by Judge PN Bhagwati. retained and continued. Judge Bhagwati chaired the committee reviewing the 1997 Takeover Code.
