Feb 5, 2020

Takeover code for unlisted companies rolled out with safeguard norms

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The Corporate Affairs ministry on Tuesday notified the takeover rules for unlisted companies. This will allow a majority shareholder in an unlisted company to move the National Company Law Tribunal (NCLT) to take over the rest of the stake in the entity.

For this to kick off, a member with at least three-fourths of equity shares carrying voting rights can file an application to acquire any part of the remaining shares. Analysts believe these rules may have a bearing on Tata Sons, the unlisted holding company of the salt-to-software group in the midst of a corporate battle with its …

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