Regulatory Insights for M&A in India

This chapter discusses the regulatory provisions to be adhered by a firm entering into an M&A deal, which is majorly governed by but not limited to Companies Act 2013 and SEBI Takeover Regulations, 2011. As per Companies Act 2013, a new regulatory entity National Company Law Tribunal (NCLT) has been established for handling the M&A cases. The provisions of Companies Act are also explained through real-life case of Sun Pharma and Ranbaxy scheme of Amalgamation to help readers understand the regulatory aspects of M&A. The SEBI Takeover Regulations framework has been explained in detail to explain the meaning and role of various parties related to M&A, provisions related to triggering of open offer and disclosure requirements. The pricing of open offer based on SEBI prescribed methods has been explained with the help of numerical examples.