Shardul Amarchand Mangaldas advised Oil and Natural Gas Corporation Limited (ONGC) in relation to the acquisition of 51.11% shares of Hindustan Petroleum Corporation Limited (HPCL) from the President of India.
It is a related party transaction between the Government and a government company within the meaning of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015 (LODR) and the Companies Act 2013 (Act).
The acquisition was exempt under Regulation 10 (1) (a) (iii) of the Takeover Regulations and no open offer was made despite being an acquisition of more than 25 percent of a listed company. ONGC applied for and obtained an exemption from Securities and Exchange Board of India (SEBI) from the applicability of Regulation 23 of the Listing Regulations, for related party transaction. ONGC had applied for a similar exemption from the Ministry of Corporate Affairs, to extend the exemption granted to related party transactions between two government companies, to agreements between a government company and the government. Read More…
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