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What is fifty years in the history of a nation? Indians are claimants to a history going back thousands of years. Were they really born as a nation and as a master of their own destiny only on the 15th of August, 1947? Laws that regulate life in a civil society and the institutions that implement and monitor them require more than mere fifty years to leave their mark. The evolutionary process continues.
Take the case of the new regulations that have been introduced to make the Indian corporate sector more competitive. We had invited to our studio one of the persons who has put in place an important set of regulations which would guide the behaviour of corporate India in the future: Justice P.N. Bhagwati. The former Chief Justice of the Supreme Court had headed a panel which drafted a code for takeovers of companies through substantial acquisition of shares.
P.N. Bhagwati: "Now so far as control and management of company is concerned we have given opportunity to consolidate holdings and we have said anyone holding more than 10 per cent shares, right upto 75 shares, will be entitled to acquire 2 per cent shares in any period of 12 months, and if they want more, then they have to go through the route of public offer and in that event not required to acquire full 20 per cent but 10 per cent as poor funding situation banks not give nor FIs, so 2 per cent can acquire."