Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: VAT Audit :: due date for vat payment :: form 3cd :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India
 
 
« Mergers and Acquisitions »
 The Deal Economy Conference Reveals Upbeat Forecast for Mergers & Acquisitions in 2017
 Mergers and acquisitions almost halve over three months following Brexit vote
 Mergers & acquisitions: a lesson in cyber-security complacency and reputational ruin
 Notable Mergers and Acquisitions 12/5: (CNSL)/(FRP) (CX) (FDML)
 What is Triggering the Wave of Mergers & Acquisitions in the Indian Internet Space?
 Oil and gas mergers and acquisitions are finally making a comeback
  Mergers: Commission approves acquisition of St Jude Medical by Abbott Laboratories, subject to conditions
 Mergers and Acquisitions: What’s Happening in the OFS Industry?
 Mergers: Commission approves acquisition of St Jude Medical by Abbott Laboratories, subject to conditions
 Prediction: These 8 Companies Will Get Bought in 2017
 Third Quarter Results Show Continued Strength in Mergers and Acquisitions

India alters rules on mergers
September, 23rd 2009

India's capital markets regulator altered part of its takeover rules on Tuesday, which could make it harder for Indian firms to use a stock swap for an overseas merger, but said the changes would not apply retroactively.

The changes were announced as the country's leading telecoms firm, Bharti Airtel (BRTI.BO), tries to conclude a $24 billion tie-up before Sept. 30 with South Africa's MTN (MTNJ.J) that would see both firms take stakes in the other.

Under the amendments announced on Tuesday by the Securities and Exchange Board of India (SEBI), depositary receipt holders with voting rights would need to make an open offer once their holding crossed 15 percent in an Indian firm.

Earlier, an open offer was triggered only on conversion of depositary receipts into shares with voting rights.

"The amendment will be applicable only from the day it exists," SEBI chairman C.B. Bhave said on Tuesday.

In July, SEBI had said MTN would need to make an open offer for Bharti only if GDRs were converted by the South African firm and its shareholders to local shares with voting rights.

Under the proposed deal, MTN and its shareholders would receive global depository receipts in Bharti and have a 36 percent economic interest in the Indian firm. Bharti would hold 49 percent of MTN.

Bharti said on Tuesday the structure of the proposed deal with MTN would be fully compliant with the laws in both India and South Africa. [ID:nDEL347844]

Bhave also said SEBI had not received an application for a dual listing, seen as a hurdle that may hold up the tie-up talks.

South African President Jacob Zuma said last week the deal was being stalled by legal problems in India, and media reports have said South Africa is pressing India for an agreement on dual listing of the companies. [ID:nLH668208]

"We have not got any application from anyone that they want to do dual listing," Bhave told a media conference on Tuesday.

"As far as what will be applicable to what deal, it will depend on what circumstances of that deal are."

Bhave told reporters it was "too premature" to comment on the issue of dual listings.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions