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Main » 2011 » November » 30 » Corporate Debt Restructuring In New Take Over Code
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Corporate Debt Restructuring In New Take Over Code
As per Regulation 10 of Take Over Code 2011, Corporate Debt Restructuring under the scheme prescribed by the RBI provides a means by which funds can be infused into a financially weak company. Presently there is no specific provision under the 1997 Code that explicitly exempts such schemes, the 2011 code provides that acquisition pursuant to such schemes are exempt from open offer obligations in case of acquisition of shares (Reg. 3) but not in case of acquisition of control (Reg. 4). Such exemption in available only if the scheme has been authorized by the Shareholders by way of special resolution passed by postal ballot, and no change in control over the target company takes place through such acquisition.

Vishwas Sharma 

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