Sebi to ensure compliance of Takeover Code
New Delhi: The Securities & Exchange Board of India (Sebi) has said that while it was not against hostile takeovers, the new Takeover Code would ensure that corporate raiders promptly followed the procedures laid down by the regulator. A draft report on takeover code, currently being prepared by Justice Bhagwati is likely to suggest changes that would ensure greater transparency.

The main objective of the new code would be to ensure that companies going for takeovers are prompt in informing the stock exchanges when they cross the prescribed limits of holding a company's stake, make public announcements and allow companies to make counter claims. The whole exercise would be aimed at improving shareholders value.
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