India corporates and their lawyers believe the threshold for open offers in India must change if the country is to fulfill its potential.
The current level of a 15% shareholding requiring an open offer for remaining shares is far lower than elsewhere in the world – the Hong Kong limit being 35% and the UK 30%.
“I have very strong views on this,” said Bharat Vasani, general counsel of Tata. “The law was made back in 1997 – originally it was even meant to be 10% – but the market today has changed substantially. India has changed and...