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Sebi exempts Thapar group from takeover code

The Securities and Exchange Board of India has exempted the acquisition and realignment of voting rights of the Thapar group of companies from the applicability of the takeover code.

This exemption in particular includes the requirement of making minimum offer of 20 per cent since the transfer is occasioned to a family arrangement, which has now become effective.

The application for the exemption were made for the companies of Thapar group, one of the leading business houses which has decided to reorganise its business, both ownership and management, following an amicable settlement among the four brothers, sons of Late Lala Karam Chand Thapar, founder of the group.

"The reorganisation is aimed at setting future direction by segregating interests as part of succession planning, maximising shareholder value enhancing framework through greater clarity leading to improved accountability, closer linkage and focus between ownership, management and control and elimination and avoidance of cross-holdings," a Ballarpur Industries Limited release said in New Delhi on Friday.

The settlement process was facilitated by Amal Ganguli, senior partner Pricewaterhouse Coopers, Pradip Kumar Khaitan, senior partner Khaitan and company and Shardul Shroff, senior and managing partner, Amarchand and Mangaldas and Suresh.
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