On the first point, it is difficult to argue that the spirit of the regulation is met by a disclosure that requires a reader to look for additional information from other sources. 
This is the lifecycle of a real estate deal, which is multi-stage. It is never the case that a deal directly enters the sale deed stage. 
Sundaram Clayton did not inform the stock exchanges in the first instance when the board would have given the in-principle approval to scout for buyers or engage in serious discussions with Prestige. 
However, the purpose of this article was to show how the three identical transactions, incidentally all Chennai-based and to the same buyer, elicited different disclosures by companies that are all equally well-stocked with independent directors and experts advising them!
(Ranganathan V is a CA and CS. He has over 45 years of experience in the corporate sector and in consultancy. For 17 years, he worked as Director and Partner in Ernst & Young LLP and three years as a senior advisor post-retirement, handling the task of building the Chennai and Hyderabad practice of E&Y in tax and regulatory space. Currently, he serves as an independent director on the board of four companies.)
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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