With the new takeover code pushing the limits when open offer is triggered, a certain promoter also managed to use MCA constructs to relatively easily mock the SEBI decisions in India, and that is an eye opener for me where I though India's reforms have never broken the back of common sense apart from running roughshod over generations of MBAs making a career in Finance with a set pace of reform set int he early 90s and hopelessly inadequate of late after the promise f speedier consistent delivery. While none of GST, DTC and even the new Companies Act are in place , bits and pieces keep coming through in hope of consensus and stretching the credibility of reform and the structural fabric of the governance superstructure. What Arvind Remedies did was very simple, it increased its stake by 23% with a preferential allotment. The impact is however a mockery of corporate law as the company got past the requirement to make an open offer with a ruling from SAT overturning the SEBI requirement to comply with the Saubstantial Acquisition of Shares and Takeovers Act and make an open offer. However this disregard for SEBI being fought in Supreme Court by the rgulator did happen in the period when new regulation and laws were taking a different direction giving promoters more headroom. Cairn is awaiting another such approval while Piramal healthcare shareholders could utter nary a sigh as Ajay Piramal walked away with the sash

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