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CNBC-TV18 presents ‘Rules of the M&A Game: On TRAC?'
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The TRAC has also proposed changes in the computation of offer price, eliminated non-compete fees to promoters, changed creeping acquisition rules, shortened open offer timelines, streamlined exemptions and changed the rules for indirect acquisitions & hostile takeovers.
8 years after the last comprehensive review and 23 amendments since, a 12-member SEBI-appointed committee that met 21 times over 10 months has recommended sweeping changes to India’s Takeover Regulations. Changes that, as the TRAC report itself, says prioritize ‘protection of interests of the public shareholders in takeover situations.'

To do that, the Takeover Regulations Advisory Committee or TRAC has recommended that the definition of ‘control’ be expanded, the substantial acquisition of shares trigger be raised 15% to 25% and that a mandatory open offer be for 100% of the shareholding. The TRAC has also proposed changes in the computation of offer price, eliminated non-compete fees to promoters, changed creeping acquisition rules, shortened open offer timelines, streamlined exemptions and changed the rules for indirect acquisitions & hostile takeovers.

So with a long list of changes & bold thinking, are we on TRAC for India’s brand new Rules of the M&A Game? CNBC-TV18’s Menaka Doshi brings together India’s leading corporate lawyers, Cyril Shroff of Amarchand Mangaldas & Zia Mody of AZB & Partners to debate that with TRAC members YM Deosthalee of L&T & Sourav Mallik of Kotak Investment Banking as a special presentation by CNBC-TV18’s & India’s only weekly show on corporate law & investment, The Firm.

Commenting on the special show, Saket Saurabh, Head, Marketing, CNBC-TV18 said, “The TRAC committee recommendations, if adopted in the current form, will change the way the M&A business is run in our country, so it is in our interests as a nation, to debate all the recommendations made by the committee. We at CNBC-TV18 have continually monitored this space through our pathbreaking weekly show, The Firm. It may be noteworthy to remember that a majority of the proposed recommendations by the TRAC had been debated in our last series of the Rules of the M&A game in December of 2009.”

While the guidelines on the takeover norms are yet to be finalized, the recommendations of the takeover panel are open for public feedback till August 31. It will now be in the hands of the market regulator SEBI to take its final call on the proposal of the country’s takeover norms.

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