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The Original CHAUKIDAAR ,“TAKEOVER WATCHMAN” since 2007. CA. Arun Goenka* hands-on experience in the share market* deep knowledge of laws and account*one of the early players, pioneered an investment strategy in TAKEOVERS*The WIRC - of The Institute of Chartered Accountants of India, has honoured him with the ‘Recognition of CAs in Social Service’. * often invited by National business news; electronic and print media, for his views on SEBI related matters. * history of red-flagging 100+ cases to SEBI* contributes by giving inputs in drafting amendments to the regulation* Some of the suggestions reflected in subsequent regulatory changes: (a). In takeover of Cairn 3,750 Crores non-compete fees waived off and ultimately Removal of Non-compete fee in 2011 (b) November 2009 amending Regulation 11 (1). (c)Listing agreement baring promoters from voting on related party. (d) Disclosure of past performance by merchant bankers in case of IPO (e) SAST 2011 regulation 10(1)(h), (f) Counter Offer in case of Delisting (g) Interest payment to all in case of delays in Open Offers(05.06.20).

Saturday, August 6, 2022

SEBI SUNTI HAI—THANK YOU SEBI--BIRLA SOFT BUY-BACK

 For the first time in my memory, Small shareholders are getting higher number of entitlement without the statutory 15% quota reserved for them. 

On 16th March 2019,  I had written to SEBI in the context of Buy-Back of Monte Carlo, that the benefit of non-participation by Promoters should be passed on to small shareholders. In subsequent Buy-Backs SEBI did take care of this and the result is; in Birla soft,  small shareholders are getting an allocation of 11.82 lacs shares as against the 15% quota of 11.70 Lacs shares. In the case of Monte Carlo earlier the actual acceptance ratio for HNI was higher than the retail shareholders. SEBI has now ensured that the benefit of no-participation by promoters flows down to small shareholders proportionately.     

 

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