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.Sebi had first constituted a four-member Takeover Panel in November 2007, under chairmanship of former Bank of Baroda chairman K Kannan. S Ravi, a chartered accountant has been appointed as a member on the new panel.
The newly notified Takeover Panel would be chaired by Justice NK Sodhi, the former chief justice of the High Courts of Karnataka and Kerala and also the former presiding officer of the Securities Appellate Tribunal. The other members of this Takeover Panel include Darius Khambata (former advocate general, Maharashtra), MS Raghavan (former chairman and managing director of IDBI Bank) and Thomas Mathew T (chairman of MCX Stock Exchange and former chairman of Life Insurance Corporation of India).
