(b) What are the objectives that C. Achutan Committee had recommended with respect to SEBI (Substantial Acquisition of Shares and Takeovers) Regulation, 2011.

Shri C. Achutan Committee had provided for following objectives of the then proposed SEBI (Substantial Acquisition of Shares and Takeovers) Regulation, 2011: To provide a transparent legal framework for facilitating takeover activities, To protect the interests of investors in the securities market, taking into account that the acquirer, shareholders, and investors need a fair, equitable and transparent framework, To balance the various conflicting objectives and interests of all stakeholders in the context of substantial acquisition of shares and takeover in the listed companies, To provide each shareholder an opportunity to exit his investment in the target company when a substantial acquisition of shares, or takeover of a target company takes place, on terms that are not inferior to the terms on which substantial shareholders exit their investments, To provide acquirers with a transparent legal framework to acquire shares or control of the target company and to make an open offer, To ensure that the affairs of the target company are conducted in the ordinary course when a target company is subject matter of an open offer, To ensure that fair and accurate disclosure of all the material information is made by the person responsible for making them to various stakeholders to enable them to take informed decisions, To regulate and provide for fair and effective competition among acquirers desirous of taking over the same target company, and To ensure that only those acquirers who are capable of actually fulfilling their obligations under the Takeover Regulations make open offers.