HOSTILE TAKEOVERS: ANALYZING THE LEGAL AND BUSINESS CHALLENGES
Keywords:
HOSTILE TAKEOVERS, (Substantial Acquisition of Shares and Takeovers Regulations, 2011), shareholding patternAbstract
The Takeover Code in India (Substantial Acquisition of Shares and Takeovers Regulations, 2011) is widely assumed to be biased in favour of the current management. It's a common misconception that the Takeover Code exists to stop hostile takeovers of businesses. Examining the provisions, however, reveals that this is not the case. The Takeover Code only offers a set of rules to ensure that the target firm and the acquirer follow the correct procedures. The Takeover Code only offers a fair footing for the acquirer to try to take over and the target firm to defend itself while attempting to uphold the company's best interests. Currently, potential defences are examined to identify any biases in their suitability or unsuitability for India. It is also disclosed that the business environment and the country's shareholding pattern are the main causes of the lack of takeover activity, which go beyond the legal and regulatory frameworks. Finally, the most recent position of the legislative and regulatory framework regarding hostile takeovers is ascertained by examining recent revisions.
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