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. quot;The present regulations of takeover does not give adequate protection to technocrat promoters who can not have a large stake in companies,quot; 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 ICL8217;s offer was in the best of interest of all the shareholders and financial institutions. quot;I have taken this decision after consultation with all my friends, family members and well wishers,quot; he said.