(a) whether the SEBI has evolved a policy to ensure that large companies follow certain rules when they make open offers to buy shares of other companies;
(b) if so, the details of the policy;
(c) whether the representatives of the industry have opposed the
SEBI`s recommendations;
(d) if so, the details thereof;
(e) whether some companies are violating these rules;
(f) if so, the details thereof; and
(g) the corrective steps taken by the Government in this regard?
MINISTER OF STATE IN THE MINISTRY OF FINANCE AND COMPANY AFFAIRS (SHRI ANANDRAO V. ADSUL)
(a) & (b) The Securities & Exchange Board of India (SEBI) has framed
the SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997, for regulating takeover of management/substantial
acquisition of shares/voting rights of an Indian listed company. The
regulations were notified on February 20, 1997 and amended
subsequently, from time to time.
(c) & (d) SEBI has intimated that representatives of industry have not
opposed the said regulations. Public comments/suggestions which are
received on various provisions of the regulations from time to time
are examined on an ongoing basis.
(e), (f) & (g) : The companies/acquirers which do not comply with
the requirements of the Takeover Regulations are liable for action
under section 15A/15H of SEBI Act, 1992 and directions under
section 11B of the Act, depending upon the nature of the violation.