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  • Connect
Oct 01, 2017

Definition of ‘Control’ under the Takeover Regulations

With a view to bring about clarity on the definition of “control” under the Takeover Regulations, SEBI had, on March 14, 2016, published a discussion paper setting out certain bright line tests for the interpretation of the term “control”, which, inter alia, sets out a set of protective (as opposed to participative) rights which would not be constituted as ‘control’. However, SEBI has, by a press release, on September 8, 2017, clarified that it does not propose to formalize these rights into the Takeover Regulations and, instead, proposes to continue with the subjective definition of “control”, and determine what constitutes “control” on a case to case basis.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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