New Delhi: Hinting at more trouble for the proposed buyout of 24% stake in Jet Airways by Abu Dhabi carrier Etihad, Sebi chairman UK Sinha on Tuesday said any entity acquiring “control” of a listed Indian company would need to make an open offer for public shareholders even if it is below the 25% threshold of the trigger.
While he did not specifically comment on Jet-Etihad deal, he said that Sebi’s position is very clear about any deals involving substantial acquisition of shares and takeovers.
“Sebi will be looking into any case where there is a suspicion or belief that control has been acquired. Sebi will apply its tests and take a decision accordingly,” he said.
Seperately, Sinha also said that stringent action will be initiated against the companies which do not comply with the minimum listing norms prescribed by Sebi. The chairman further added that finance ministry has assured Sebi that all public sector entities will offload government stake in line with the 10% public float regulation.
17/07/13 Financial Express
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While he did not specifically comment on Jet-Etihad deal, he said that Sebi’s position is very clear about any deals involving substantial acquisition of shares and takeovers.
“Sebi will be looking into any case where there is a suspicion or belief that control has been acquired. Sebi will apply its tests and take a decision accordingly,” he said.
Seperately, Sinha also said that stringent action will be initiated against the companies which do not comply with the minimum listing norms prescribed by Sebi. The chairman further added that finance ministry has assured Sebi that all public sector entities will offload government stake in line with the 10% public float regulation.
17/07/13 Financial Express
