Trigerring of takeover code

CS Usha Nimesh (Querist) 04 January 2012 This query is : Resolved
whether a co. has to follow takeover code stipulated by sebi if it wants to takeover a pvt. ltd co. which is a holding co. of a listed company?

plz help

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Raj Kumar Makkad (Expert) 04 January 2012
Yes. such company has to fully follow take over code as stipulated by SEBI because the company which is going to betaken over is holding of a company already listed in stock exchange. Holding company is also shown in the books and after taken over by some other company, its status in the market shall definitely change so it is mandatory to obtain the prior permission of SEBI as per its rules.

Deepak Nair (Expert) 04 January 2012
Agree with Ld.Mr.Rajkumar

M/s. Y-not legal services (Expert) 04 January 2012
am also agreee with makkad sir..

tom..

CS Usha Nimesh (Querist) 06 January 2012
@raj kumar sir: sir as i went through takeover code it shows that whenever a other company try to takeover either more than 26% shareholding or control over a target listed company has to follow takeover code, but here in my case controlling/shareholding rights on listed co. are going to be remained with d same holding co. even if is taken over by other co.

sorry for interrupting you but my other frnd has replied in no for applicability of takeover code in this situation.

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