Take-over bids:

Section 210 provides that where a scheme or contract  involving the transfer of shares or any class of shares in a company to another company has been approved by the holders of not less than nine-tenths in value of the  shares whose transfer is involved the transferee company may, at any time within two months after the expiration of four months after the making of the offer by the  transferee company, give notice in the prescribed manner to any dissenting shareholder that it desires to acquire his shares. The dissenting shareholder must then apply to the court within one month from the date on which the notice was given for an order restraining the transferee company from compulsorily acquiring his shares. The  court order may, in an appropriate situation, lift the veil of incorporation. This is illustrated by Re: Bugle Press Ltd (9) in which an offer made by a company was  regarded as having been made, in substance, by the  company's members. The court thereby lifted the veil of incorporation by treating the company and its members as one entity for purposes of acceptance of the offer.

Posted Date: 1/12/2013 2:07:40 AM | Location : United States

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