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CHANGE OF CONTROL: LETTER OR SPIRIT? (takeover code addresses issue of deciding when a person or entity can be said to be in control of a company).
(From India Business Insight)
The takeover code addresses the issue of deciding when a person or a group of persons or entity can be said to be in control of a company. The interpretation by Securities and Exchange Board of India (Sebi) is based on the letter of the code, not taking into account the spirit, thereby compromising interests of the shareholders. The takeover code, which recognizes that change of control need not be always related to share transfer, requires that the acquirer gaining control …
