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Suggestion for New provision
Title: Obligations Of Target (Listed) Company
Suggestion: Specific criteria’s should be prescribed by the Board for the evaluation of the Open Offer and for recommending it to the shareholders by the Board of the Target Company.
Rationale: It is recommended by the Committee that a committee of Independent Directors is to be formed by the Target Company to give reasoned recommendations to the shareholders of the Target Company about the price of offer. However, no specific criteria’s have be