R V. Panel On Takeovers And Mergers Essay

Better Essays

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 contention 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 the

Get Access