SEBI Reconstitutes Takeover Panel

Security and Exchange Board of India (SEBI) has reconstituted its Takeover Panel.

About Takeover Panel

  • The takeover panel looks into application that seeks exemption from mandatory open offer which as acquirer needs to make to minority shareholders.
  • N Venkatram MD and CEO of Deloitte India has been appointed as the new member of Takeover Panel.
  • Panel is chaired by N K Sodhi, former chief justice of high courts of Karnataka and Kerala. He was also the former presiding officer of Securities Appellate Tribunal.
  • Panel was constituted in accordance with regulation 11(5) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Function of takeover panel

This panel makes its recommendations to Sebi on applications following which SEBI gives an opportunity to concerned parties before passing any order.

Members of the panel

Other members of takeover panel are:

  1. Darius Khambata, who was former advocate general in Maharashtra and
  2. Thomas Mathew T who was former chairman of Life Insurance Corporation of India.

Background

First ever takeover panel was constituted in November 2007. It was a four-member panel under chairmanship of former Bank of Baroda chairman, K Kannan.

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