Cabinet Clears Lokpal Bill, Team Anna Unhappy; Karnataka CM Yeddyurappa Resigns; Sensex Down 222 Pts

Thursday, Jul 28, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version NEW TAKEOVER CODE: OPEN OFFER TRIGGER AT 25% Heralding a new set of rules for takeover of companies, Sebi today said an entity buying 25% stake in a listed firm will have to mandatorily make an offer to buy additional 26% from public shareholders. The new norms mark an increase in the open offer size for public shareholders from 20% currently, while the trigger for such offer has also been raised from 15% in the existing regulations. Partly accepting the recommendations of a Sebi-appointed panel on the matter, Sebi also decided to abolish the non- compete fees that acquirers generally pay to the sellers in merger and acquisition deals. The decisions were taken at a Sebi board meeting here today and were later announced by Chairman UK Sinha. SEE VIDEO -- Recommendations Of The Takeover Regulations Advisory Committee Have, By And Large, Been Accepted: UK Sinha read more LEAD STORIES CABINET CLEARS LOKPAL BILL; PM, JUDICIARY KEPT OUT The Cabinet today approved the Lokpal Bill keeping out the Prime Minister from the purview of the anti-corruption legislation. read more FINALLY, KARNATAKA CM YEDDYURAPPA RESIGNS BS Yeddyurappa was asked by the BJP Parliamentary Board to step down following his indictment in the illegal mining case by Lokayukta. read more BLOODBATH ON D-STREET CONTINUES, SENSEX DOWN 222 PTS Market continued to slide for the third day due to expiry session and poor earnings. Sensex closed at 18,209.52. Nifty lost 59.05 points to 5,487.75 read more TOP STORIES • Lokpal Bill is a deceit on the nation: Team Anna • I will fast from August 16, says Anna Hazare • Food inflation at 20-mth low of 7.33% • 2G scam: Sibal defends Chidambaram, Subbarao • Cos Bill draft proposes many new clauses, changes • Maruti's Manesar plant workers go on strike again • Vodafone, Idea up prepaid call tariffs by 20% • No intention of giving up possession at Singur: Tata • ONGC Q1 net up 12% at Rs 4,095 cr • ITC Q1 beats estimates, net up 24% at Rs 1,330 cr • HUL Q1 net up 17.62% to Rs 627.18 cr • HCC Q1 net plunges 90% at Rs 3 crore • L&T Finance $280 mn IPO fully covered on day 2 • Gujarat bags Ford's $900 mn plant; 2nd in India • Fujifilm plans JV with Dr Reddy's • BHEL world's 9th most innovative firm: Forbes • Mumbai Bandh if mill workers demand not met: Sena • Kalmadi dismisses allegations of faking dementia • HSBC may cut more than 10,000 jobs globally • Republican debt plan faces close vote in U.S. Congress • RBI cautions RRBs on dealing with overseas entities • Mafia-like' mining network in Bellary: Lokayukta • PMO rejig: TKA Nair appointed advisor to PM • Muthoot Finance to raise Rs 1,000 cr via NCD issue • Sun Pharma Q1 net at Rs 501 cr • MRF Jun qtr net dips 48% at Rs 32 cr • Corporation Bank net up 5% at Rs 351 cr • PNB Q1 net up 3.5% at Rs 1,105 cr • Make My Trip ordered to compensate woman customer • Panasonic sells Sanyo appliance business to Haier • UK phone-hack probe begins more stories TOP VIDEOS Recommendations Of The Takeover Regulations Advisory Committee (TRAC) Have, By And Large, Been Accepted: UK Sinha, Chairman, SEBI There Is No Such Thing As A Breach Of Trust Which Is A Very Big Word To Be Used: Veerappa Moily, Corporate Affairs Minister I Am Not Anti-Establishment, I Am Anti-Corruption... Per Se I Am Not Against Anybody: Justice Santosh Hegde, Karnataka Lokayukta AT A GLANCE BSE 18209.52 -222.73 NSE 5487.75 -59.05 TURNOVER Rs. 251,063 cr BSE CASH Rs. 2,644 cr NSE CASH Rs. 14,842 cr NSE F&O Rs. 233,576 cr BULLION GOLD 23016 -83 SILVER 58508 -1207 CRUDE NYMEX 102.25 -0.08 BRENT 118.25 +0.82 FOREX $ / Re 44.075 0 £ / Re 71.914 +0.13 € / Re 62.963 -0.11 EVENTS 1 August Monsoon Session Of Parliament Begins FM To Meet Corporate Honchos To Discuss Ways To Rejuvenate The Economy 3 August Bombay High Court To Adjourn Jet-Sahara Case Hearing 5 August Bank Employees To Go On Nationwide Strike 6 August Finance Minister Pranab Mukherjee To Meet SBI Board 8 August Coal India Workers Union To Go On Strike To Protest Delay In Wage Revision EXPERT VIEWS "The Reddy's were illegaly supplying ores to the Jindals. The report has recommended prosecution under IPC and the Forest & Mining Act aganist Jindal company. There should be an independant commission or investigation committee looking into the scam. The figures of loss could be double the amount being estimated in the report." Justice Santosh Hegde Karnataka Lokayukta "We have looked into records. The records show that there was no such meeting. Neither Chidambaram (now Home Minister) nor Subbarao (now RBI Governor) remember any such meeting. It is surprising that the then Telecom Secretary (Behura), who joined (DoT) on January 1, 2008, is referring to a meeting of December 4, 2007..." Kapil Sibal Telecom Minister "The Lok Pal Bill is a deceit on the nation. This bill will have a cascading effect as those states which plan to set up the institution of Lokayukta will now plan to avoid Chief Ministers from it." Kiran Bedi Activist WATCH OUT Bulls Eye 5 trading days, 4 stocks, 3 experts, minimum 2 trades per day, 1 champion. CNBC-TV18 brings you Bull's Eye, a stock portfolio game with a unique format. 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