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Sebi reconstitutes takeover panel

Capital markets regulator Sebi has reconstituted its takeover panel, which looks into the applications seeking exemption from the mandatory open offer that an acquirer needs to make to minority shareholders. The panel, comprising independent experts, makes its recommendations to Sebi on such applications after which the regulator gives an opportunity to concerned parties before passing an order.

The newly notified takeover panel would be chaired by Justice N K Sodhi, the Former Chief Justice of the High Courts of Karnataka and Kerala and also the Former Presiding Officer of the Securities Appellate Tribunal. Sodhi had also chaired the Sebi panel that revisited two-decade old insider trading norms, which came into force earlier this year. S Ravi, a renowned Chartered Accountant who has been on boards of various PSUs and is <g data-gr-id="16">partner</g> at Ravi Rajan and Company, has been appointed as a member on the new panel.

The other members of this takeover panel include Darius Khambata (former Advocate General, Maharashtra), M S Raghavan (Former Chairman and Managing Director of IDBI Bank) and Thomas Mathew T (Chairman of MCX Stock Exchange and former Chairman of LIC). 
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