Question

its a presentation topic and a assigment topic (800 words limit), I dont want the whole assey, but could you give me some hints and the correct answer please?Its hurry now.

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xplain, in relation to the

takeover process, how the provisions in the Corporations Act concerning

compulsory acquisitions operate

-why do you think the Act enables

bidders to compulsorily acquire

Answer 1

TAKEOVER CODE- PROCEDURE FOR TAKEOVER

Takeover is a process wherein an acquirer takes over the control or management of a target company by acquiring the substantial quantity of shares or voting rights of such company. The concept of Takeover and the procedure for Takeovers have been enshrined in the Securities Exchange Board of India, (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

PROCEDURE FOR TAKEOVER

• Appointment of a merchant banker
• Public Announcement
• No misleading information
• Timing of the public announcement of offer
• Escrow Account
• Letter of offer
• Specified date:
• Minimum Offer Price and Payments made
• Safeguards incorporated so as to ensure that the Shareholders get their payments
• General obligations of the acquirer
• Revision of offer
• Withdrawl of offer
• Exemptions

What is compulsory acquisition?

Compulsory acquisition, or “resumption” as it’s sometimes called, is when an authority like the Government acquires privately owned land or property. Most commonly it is done in order to build infrastructure like roads or public transport, but other reasons property could be acquired include public safety – in cases of contamination for instance.

As the name suggests it’s compulsory. You really won’t have much say in the matter.

Compulsory acquisition is legislated for under Section 51(xxxi) of the Constitution of Australia and can be carried out federally, or by the states, territories and local government agencies.

At the Commonwealth level, compulsory acquisition can be used whether or not an owner is willing to sell their interest in the land, when the land has no title, when an owner has difficulty establishing proof of title, or even if the owner cannot be found. Land can be acquired by “negotiated agreement” or, in cases of national emergency, by “urgent acquisition”.

Why do you think the Act enables bidders to compulsorily acquire

• The compulsory acquisition powers in relation to the land are necessary to enable the construction of the new road, , together with associated development comprising new local

road connections, new footways, cycleways, footways, the diversion of Houghton Brook, the construction of drainage attenuation ponds, a borrow pit, and extensive landscaping.

• Some of the land required for the Scheme is owned by the Council and will not need to be acquired unless adverse third party interests are apparent. All other owners and occupiers with an interest in land whose land is required for the Scheme have been approached to ask if they be prepared to enter into negotiations with the Council for the purchase of their interest. Table 1 lists the plots required for the Scheme and Section 8 summarises the current situation.
• Some of the land that it is proposed to be acquired and which will be lost as a result of the Scheme is special category land, namely open space, which will be replaced. The Council intends to make an application to the Secretary of State for Communities and Local Government for a certificate under sections 131 and 132 of the Planning Act 2008.

Purpose of Seeking Compulsory Acquisition

• The purpose of the acquisition powers is to enable the Council to construct the new road and associated development that is generally described in section 5.