- The word "control" has not been defined properly by SEBI in the Takeover Code
- SEBI is not interested in lifting the corporate veil to figure out if an acquirer influences decisions
- The clause relating to pricing in open offers allows corporates to shortchange small investors
- There's still room for greater transparency during friendly takeovers and open offers
- The Code allows vested interest groups to stall the process by resorting to legal recourse
The Contentious Issues
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