R V. Panel On Takeovers And Mergers Essay - 1410 Words

R v. Panel on Takeovers and Mergers: Can the Regulator be regulated -Manoj Reddy Keshireddy The Court of appeal was considering the question whether the Panel on Takeovers and Mergers which was an unincorporated organisation without legal personality is amenable to judicial review. The Panel on Takeovers was a self-regulating organisation overseeing and regulating takeovers and mergers in corporate sector. The said panel, however, had no statutory, prerogative or common law powers. M/s. Datafin, for takeover of which company two other companies were vying with each other, complained to the Panel that both the companies acted in concert contrary to the terms of the takeover Code. The complaint was rejected by the Panel. The High Court refused to entertain an application for judicial review on the ground that it had no jurisdiction to entertain the application. Before the Court of appeal, the Panel on Takeovers contended that the Courts power of judicial review is confined to bodies whose power is derived solely from the legislation or exercise the prerogative power. The con tention was rejected holding that any body discharging public duties is amenable to judicial review. The Said decision was passed by the bench consisting of Sir John Donaldson M.R, Lloyd and Nicholls L.JJ. In the next parts, we shall try answering the question posed by the title from the excerpts of the Judgments of their Lordships. The Judgment of Sir John Donaldson M.R. Efficiency Argument: At theShow MoreRelatedJudicial Review1615 Words   |  7 Pagesthe powers. The case of O’Reilly v Mackman shows the general rule that when claiming against a public body, judicial review should be used. Lord Diplock described this as an ‘exclusivity principle’. The use of this principle has been criticised by academics due to the strictness of it, and has been referred to as a ‘serious setback in administrative law’ . The courts have since tried to use a broader approach in relation to the use of judicial review. In Roy v Kensington and Chelsea and WestminsterRead MoreMerger and Acquisition: Current Issues115629 Words   |  463 PagesMergers and Acquisitions Current Issues Edited by Greg N. Gregoriou and Karyn L. Neuhauser MERGERS AND ACQUISITIONS Also edited by Greg N. Gregoriou ADVANCES IN RISK MANAGEMENT ASSET ALLOCATION AND INTERNATIONAL INVESTMENTS DIVERSIFICATION AND PORTFOLIO MANAGEMENT OF MUTUAL FUNDS PERFORMANCE OF MUTUAL FUNDS Mergers and Acquisitions Current Issues Edited by GREG N. GREGORIOU and KARYN L. NEUHAUSER Selection and editorial matter  © Greg N. Gregoriou and Karyn L. NeuhauserRead MoreDo Mergers and Acquisitions Create Shareholder Value7268 Words   |  30 PagesDo Mergers and Acquisitions Create Shareholder Wealth In The Pharmaceutical Industry? Mahmud Hassan, Dilip K. Patro, Howard Tuckman and Xiaoli Wang* Purpose: This paper analyzes mergers and acquisitions (MA) focusing on the U.S. pharmaceutical industry in the period 1981-2004. This industry is chosen because it is global, engages intensively in MA which it uses to both complement and substitute for early stage research, and because the potential abnormal returns to blockbuster drugs areRead MoreA Financial Perspective on Mergers and Acquisitions and the Economy19349 Words   |  78 PagesCash Flow Theory of Takeovers: A Financial Perspective on Mergers and Acquisitions and the Economy Michael C. Jensen Harvard Business School MJensen@hbs.edu  © Michael C. Jensen, 1987 â€Å"The Merger Boom†, Proceedings of a Conference sponsored by Federal Reserve Bank of Boston, Oct. 1987, pp.102-143 This document is available on the Social Science Research Network (SSRN) Electronic Library at: http://papers.ssrn.com/ABSTRACT=350422 The Free Cash Flow Theory of Takeovers: A Financial PerspectiveRead MoreExxon Mobile Merger13851 Words   |  56 PagesForthcoming Journal of Applied Finance, Financial Management Association The Exxon-Mobil Merger: An Archetype J. Fred Weston* The Anderson School at UCLA University of California, Los Angeles jweston@anderson.ucla.edu February 26, 2002 Fred Weston is Professor of Finance Emeritus Recalled, the Anderson School at the University of California Los Angeles. Thanks to Matthias Kahl, Samuel C. Weaver, Juan Siu, Brian Johnson, and Kelley Coleman for contributions. The paper also benefited fromRead MoreMAC3702 TL202 S2 20141669 Words   |  7 Pagesdividend growth rate is lower than the discount rate 3 MAC3702/202/2 QUESTION 2 (a) Calculations of NPVI of the different projects: Project Investment NPV Calculation NPVI Project A R 30 000 4 500 (30 000 + 4 500)/30 000 1,15 Project B R 25 000 9 800 (25 000 + 9 800)/25 000 1,39 Project C R 50 000 2 600 (50 000 + 2 600)/50 000 1,05 Conclusion ue to the fact that the projects are indivisible we select the highest N V’s and we don’t evaluate according to NPVI. Indivisible projectsRead MoreTesting the Inefficient Management Hypothesis: Are United Kingdom Mergers and Acquisitions Disciplinary?30116 Words   |  121 PagesAuzius Kazombo Mwale Department of Accounting Finance Testing the inefficient management hypothesis: Are United Kingdom mergers and acquisitions disciplinary? This thesis is provided in fulfilment of the requirements of the degree of Doctor of Philosophy at The University of Stirling May 2007 ACKNOWLEDGEMENTS I would like to thank various people to whom I am indebted for assisting me in producing this thesis. I am greatly indebted to Professor Robin Limmack for assisting me with the groundworkRead MoreEarnings Management and Corporate Governance in Bangladesh (the Role of the Board and the Audit Committee)9321 Words   |  38 Pagesmost of the companies manage their earnings for different purposes. In particular, this paper examines the roles board, audit committee, board size, and number of board meeting to reduce earnings management practices in Bangladesh. The Blue Ribbon Panel recommends, among other things, that board members serving on audit committees should be financially sophisticated to help detect earnings management. Earnings management is a strategy used by the management of a company to deliberately manipulateRead MoreEarnings Management and Corporate Governance in Bangladesh (the Role of the Board and the Audit Committee)9328 Words   |  38 Pagesmost of the companies ma nage their earnings for different purposes. In particular, this paper examines the roles board, audit committee, board size, and number of board meeting to reduce earnings management practices in Bangladesh. The Blue Ribbon Panel recommends, among other things, that board members serving on audit committees should be financially sophisticated to help detect earnings management. Earnings management is a strategy used by the management of a company to deliberately manipulateRead MoreMergers and Acquisitions in Ghana20927 Words   |  84 PagesOF CAPE COAST THE IMPACT OF MERGERS AND ACQUISITIONS ON THE CORPORATE FINANCIAL PERFORMANCE OF GUINNESS GHANA BREWERIES LIMITED BY STEPHEN SANYE BATOGBEE SEIDU A DISSERTATION SUBMITTED TO THE DEPARTMENT OF ACCOUNTING AND FINANCE OF THE SCHOOL OF BUSINESS OF THE UNIVERSITY OF CAPE COAST IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF MASTER OF BUSINESS ADMINISTRATION AUGUST 2008    UNIVERSITY OF CAPE COAST THE IMPACT OF MERGERS AND ACQUISITIONS ON THE CORPORATE