Where an acquisition exceeds the specified threshold or there is a change in control of a listed company, the acquirer must provide an exit opportunity to the shareholders through a timely public offer with appropriate disclosures. In certain acquisitions, such as an inter se transfer of shares between the promoter, Indian promoter and foreign collaborator, pursuant to a scheme of arrangement/amalgamation, no open offer is required, subject to disclosures being made. The government can order the amalgamation of two or more companies if this is in the public interest. The Board for Industrial and Financial Reconstruction can issue an order.
