Securities Law
November 27, 2018

INDIA – SECURITIES LAW UPDATE

The Securities and Exchange Board of India (the “SEBI”) actively monitors the Indian securities and commodities markets, and has been...

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Securities Law
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July 27, 2018

UNSECURED LENDING TRANSACTIONS CAN AMOUNT TO AN ACQUISITION OF CONTROL OF A LISTED COMPANY – A CRITIQUE

In India, under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “Takeover...

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Corporate/M&A, Securities Law
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September 11, 2017

BRIGHTLINE TESTS TO DETERMINE CHANGE OF “CONTROL” FOR TAKEOVERS A NO GO

In India, under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “ Takeover Regulations”), there exists a mandatory tender offer regime for acquisition of listed companies. Under this regime, both, the acquisition of a substantial shareholding stake (25%) and the acquisition of “control” are treated equally, and require the acquirer to make an open offer to the public shareholders. Currently, under the Takeover Regulations, the test to determine what constitutes change of “control” is principle-based. Keeping in sync with global norms, in early 2016, the Securities and Exchange Board of India (the “SEBI”) released a discussion paper (the “ Paper”) to explore bright-line tests to determine what constitutes as change of “control.”

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Corporate/M&A, Securities Law
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August 18, 2017

INDIA – SECURITIES LAW UPDATE

Recently, the Securities and Exchange Board of India (the “ SEBI”) has approved and notified several important changes to Indian securities regulations, including, extending relaxations from open offer and preferential issue requirements to new investors acquiring shares of distressed companies, extending relaxations from open offer requirements to acquisitions made pursuant to resolution plans approved by the National Company Law Tribunal (the “NCLT”) and exemptions from lock-in requirements at the time of initial public offer (“IPO”) to Category II Alternative Investment Funds (“ AIFs”) such as private equity funds and debt funds.

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Private Equity and Venture Capital, Securities Law
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May 26, 2016

SEBI PROPOSES CHANGES TO THE P-NOTES REGIME TO CHECK MONEY LAUNDERING

Introduction On May 19, 2016, the Securities and Exchange Board of India (the “SEBI”), in its board meeting, specified certain...

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Securities Law
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March 29, 2016

IS THE SEBI’S PROPOSAL TO INTRODUCE A BRIGHTLINE TEST TO DETERMINE CHANGE OF “CONTROL” WORKABLE!

Introduction In India, the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (the “Takeover Regulations”) adopt a mandatory tender...

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Corporate/M&A, Securities Law
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January 14, 2016

INDIA – SECURITIES LAW WRAP 2015

Introduction In 2015, Indian securities regulations underwent many changes with the Securities and Exchange Board of India (the “SEBI”) playing...

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Securities Law
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