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Issues in Takeover code
Title: Obligations Of Target (Listed) Company
Suggestion: Independent Directors Committee shall consider some factors before issuing their recommendations. SEBI should elaborate this by listing some of the important factors. If they think change in control in favor of acquirer will help the Target Company then will they recommend the shareholders to hold even the Offer price is much attractive??? or they recommend to tender due to very attractive price? the object of takeover regulations is to provide an exit opportunity to existing shareholders. If there is tie between Independent directors then? 2 favoured and 2 opposed then? or 2 with one acquirer and 2 with competitive bidder? These questions may arise in due course of time.
Rationale: ---