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A management buy-out is proposed in a company in which the management already has ESOPs mounting to 12%

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A management buy-out is proposed in a company in which the management already has ESOPs mounting to 12%. They now propose to acquire the promoters’ stake of 24%. The investment banker states that this would trigger the Takeover Code. The management maintains that the buy-out is only  for 24% and the rest are ESOPs. Who is right?

(a) The management      (b) The investment banker