29 September 2009

ADRs and GDRs – a world of opacity

I appeared on “The Firm” on CNBC this weekend and spoke about the regulatory loophole in the takeover regulations for ADRs/GDRs. I also wrote for them a piece explaining the issue in some more detail.
Besides the issue of ADR/GDR voting rights – I also raise the issue of shareholding disclosures by ADR/GDR holders. Since there is no exemption from disclosure norms for them – clearly, people holding ADR/GDRs over 1 or 5% are today violating the disclosure norms under the takeover regulations and the listing agreement.

Here is the video and here is the piece at thefirm.moneycontrol.com

Thank you Menaka for plugging for the IPO blog to your viewers on the show.

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