Jet, Etihad to rework control clause after Sebi objection
The shareholder agreement treats Etihad as a “public shareholder”, thereby exempting it from making an open offer
Jet Airways and Etihad Airways are planning to rework the shareholder agreement to address the market regulator’s concerns about substantial management rights to the latter.
The Securities and Exchange Board of India (Sebi) wanted Jet to convince it that the agreement did not amount to joint control alongside promoter Naresh Goyal.
The shareholder agreement treats Etihad as a “public shareholder”, thereby exempting it from making an open offer.
“Both sides are working to amend portions of the shareholder agreement. These pertain to composition of the board, powers of board members, among other things,” said a source familiar with the developments. He added that the revision might happen over the next few days.
Jet today did not put up the proposal to amend the company’s article of association at the company’s extraordinary general meeting here, where the sale of 24 per cent equity stake to Etihad was approved.
For more visit: Business Standard
Similar Posts:
Latest Query
- by Sam
Market Stats
Search Our Archives
Research Desk
- Stocks Trading above their 50 day moving average - DMA In Stock Research
- Download free Ebooks based on Technical Analysis In Personal Training
- TOP 100 Stocks with the Highest P/E as on July 14th, 2013 In Stock Research
- TOP 100 Stocks with the Lowest P/E as on July 14th, 2013 In Stock Research
- Charting Pathsala - Your guide to Techincals In Technical Analysis
