According to sources, Sebi is planning to reduce the timeline for completion of takeover from six months to 30 days for acquirers in case of insolvency proceedings. Price discovery and disclosure-related rules in such takeovers are also expected to be relaxed.
Sources said the regulator is considering doing away with the price discovery formula used to arrive at open offer price for such acquisitions. The price agreed upon by all stakeholders, including lenders and investors, would be the final price for acquisition. However, this could require an approval from the National Companies Law Tribunal (NCLT) where insolvency proceedings are pending. Besides, such acquisitions are also expected to be exempted f…
Read the full article at: http://www.business-standard.com/article/markets/sebi-to-ease-norms-to-expedite-insolvency-process-117062001487_1.html
