Raju for changes in takeover code

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Tuesday, April 7, 1998

Raju for changes in takeover code

MUMBAI: Dr B V Raju, the erstwhile promoter of Raasi Cements, demanded modifications to the regulations governing takeover of companies to ensure protection to the promoters in the country. "The present regulations of takeover does not give adequate protection to technocrat promoters who can not have a large stake in companies," Raju said in a statement here after he agreed to sell his entire 32 per cent holding in favour of India Cements Ltd.

He said his decision to accept the ICL's offer was in the best of interest of all the shareholders and financial institutions. "I have taken this decision after consultation with all my friends, family members and well wishers," he said.