Takeover code for unlisted companies rolled out with safeguard norms

Analysts say rules may have a bearing on Tata Sons in midst of battle with its ex-chairman Mistry

The Corporate Affairs ministry on Tuesday notified the takeover rules for unlisted companies. This will allow a majority shareholder in an unlisted company to move the National Company Law Tribunal (NCLT) to take over the rest of the stake in the entity. For this to kick off, a member with at least three-fourths of equity shares carrying voting rights can file an application to acquire any part of the remaining shares. 

Analysts believe these rules may have a bearing on Tata Sons, the unlisted holding company of the salt-to-software group in the midst of a corporate battle with its former chairman