The Commercial Law Centre lecture for Hilary Term 2016 was held on 17 February 2016. Associate Professor Umakanth Varottil gave the lecture, which was entitled 'The Nature of the Market for Corporate Control in India'. Associate Professor Varottil was a visitor to the Commercial Law Centre from the National University of Singapore in January and February 2016.
The lecture addressed the regulation of takeovers by the Securities and Exchange Board of India (SEBI). The regulations have similarities to their equivalents in the UK, but with some unique features. In particular, much emphasis is placed on the mandatory bid rule, which provides minority shareholders with the option to exit in the event that corporate control changes. Further, the regulations confer benefits on incumbents which serve to impede a market for corporate control.
Associate Professor Varottil sought to demonstrate the influence of promoters in shaping the regulation of takeovers in India, both analytically and empirically. A copy of Associate Professor Varottil's paper is available here.
A link to the video recording of the lecture and the slides is available here.