takeover regulations - Initial Private Opinion

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Wednesday, August 19, 2009 12:42 PM

Are American Depository Receipts shares?

Today's Economic Times reports RBI is considering American Depository Receipts (ADRs) as 'quasi equity' not carrying voting rights and therefore not be considered as FDI. This view perpetuates the deeply flawed view taken by SEBI as well,...
Posted by Sandeep Parekh | 1 comment(s)
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Friday, February 13, 2009 7:54 PM

The Satyam regulations

In an ad hoc move, the Indian securities regulator has created an amendment for Satyam in the takeover regulations. This is wrong in principle even though the regulator may have done it with good intentions. The amendment also reduces the scope of a fair...
Posted by Sandeep Parekh | with no comments
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Tuesday, November 04, 2008 11:08 PM

Creeping capitulation - takeover regulation amendments

If you had any doubts about my views of the perversity of the SEBI action on relaxing the creeping acquisition limits (blogged yesterday, linked here ), take a look at what the Hong Kong regulator has said about similar lobbying efforts by promoters,...
Posted by Sandeep Parekh | 2 comment(s)
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Tuesday, November 04, 2008 12:10 AM

The new amendments to the takeover regulations - misguided or sloppy? Yes.

SEBI has once again played around with the numbers in the takeover regulations. In light of the recent downward movement of prices, it seems that SEBI is attempting to make it easier for promoters to acquire shares from the market without making an open...
Posted by Sandeep Parekh | with no comments
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Monday, November 03, 2008 11:07 AM

Buy back of securities by companies resulting in compulsory takeover offer - new SEBI amendment to hurt ordinary shareholders

My friend Jayant Thakur has recently blogged here and here about buy backs and its impact on the takeover regulations. I fully disagree with his views. Here is the issue in brief. When a company does a buy back of its equity shares, its promoters may...
Posted by Sandeep Parekh | 4 comment(s)
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