https://www.taxtmi.com/news?id=15904 The paper proposes brightline tests to determine when acquisition of rights constitutes control under the Takeover Regulations and thus triggers the open offer obligation. It contrasts two options: (1) a protected-rights framework listing illustrative vetoes and contractual protections that would not amount to control subject to investor shareholding thresholds, disclosure, shareholder approval and incorporation into articles; and (2) a numerical brightline defining control by specified entitlement to voting rights or the right to appoint a majority of non-independent directors. The paper evaluates pros and cons and seeks public comments. en-us Tue, 15 Mar 2016 14:09:21 +0530 Tue, 15 Mar 2016 14:09:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=15904 The paper proposes brightline tests to determine when acquisition of rights constitutes control under the Takeover Regulations and thus triggers the open offer obligation. It contrasts two options: (1) a protected-rights framework listing illustrative vetoes and contractual protections that would not amount to control subject to investor shareholding thresholds, disclosure, shareholder approval and incorporation into articles; and (2) a numerical brightline defining control by specified entitlement to voting rights or the right to appoint a majority of non-independent directors. The paper evaluates pros and cons and seeks public comments. News - Tue, 15 Mar 2016 14:09:21 +0530 https://www.taxtmi.com/news?id=15904