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Even as the stalemate over the proposed buyout of 24 per cent stake in Jet Airways by Abu Dhabi carrier Etihad continues, Securities and Exchange Board of India (Sebi) Chairman U K Sinha said any entity acquiring control of a listed Indian company would need to make an open offer for public shareholders.
Sinha said the open offer for minority shareholders should be made even if the “control” has been acquired without crossing the threshold shareholding limit (25 per cent).
Sinha, however, refused to comment specifically on the Jet-Etihad deal. “If somebody has acquired stake in a company beyond a certain threshold, then the acquire has to make an open offer to others.
That is the first position. The second position is that even if the acquire has got less than the threshold, but he has got the control over the company, then also he has to make an open offer.”
He said Sebi will be looking into “any case where there is a suspicion or belief that control has been acquired”.
Sebi to revamp de-listing norms
Having revamped buyback, minimum public shareholding and takeover norms, Sebi is set to overhaul de-listing regulations for companies.
“We have already started the process of relooking at it (de-listing regulations)... The work is going on de-listing regulations," said Sinha.
Sebi has received some suggestions about how the process of reverse book building is allegedly being misused by certain sections, Sinha added.
He also said the government would take a decision on 'put and call options' shortly.
