Market regulator SEBI reconstitutes Takeover Panel

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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 regulator has appointed N Venkatram MD and CEO, Deloitte India as the new member of the Takeover Panel, latest update with SEBI showed.

The panel, chaired by N K Sodhi, the former chief justice of the high courts of Karnataka and Kerala, makes its recommendations to SEBI on such applications after which the regulator gives an opportunity to concerned parties before passing an order.

Sodhi was also the former presiding officer of the Securities Appellate Tribunal.

The other members of the panel are Darius Khambata (former advocate general, Maharashtra) and Thomas Mathew T (former chairman of Life Insurance Corporation of India).

SEBI had first constituted a four-member Takeover Panel in November 2007, under chairmanship of former Bank of Baroda chairman K Kannan.

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