SEBI sub-group on take over code to meet next week

SEBI sub-group on take over code to meet next week
ENS ECONOMIC BUREAU

MUMBAI, DEC 15: The Securities and Exchange Board of India (Sebi)-appointed P N Bhagwati committee, has set up a five-member sub-group to prepare a preliminary report on the ammendments to the takeover code. The group will be meeting end-December to discuss its recommendations.

The meeting is scheduled for two days from December 26, following the conclusion of its three-day hearing of industrialists, investor organisations and parties associated with hostile takeover today.

The sub-committee consists of lawyer and Tata Sons Director, N A Soonawala, investment banker Nimesh Kampani, corporate laywer Shardul Shroff and SEBI executive director O P Gehrotra to collate views of investors and industry and prepare the report. Justice Bhagwati would also chair the sub-committee.

The sub-group during the two-day meeting would deliberate on the presentations and later present its report to Bhagwati panel in second or third week of January, Sebi officials said.