The management has in fact declared that it does not consider the Reliance bid a hostile one. The management then needs to write to investors and say so. But the point is that the open-offer opened last week and no investor has asked any questions. The consultant shakes his head disbelievingly and says that in the USA, company shareholders would have sued the management if it sat back and did not put up a fight or get the best deal for them. Sure, that may be true of the US, but yeh hai India.
Indian investors are a far more tolerant lot.
A recent decision of the Chennai High Court has unnerved stock exchanges across the country. The Court has slapped, what is probably an unprecedented punishment for failing to comply with court orders, on the main office bearers of the Madras Stock Exchange. The two executive directors have also been slammed with three months simple imprisonment. The message to all stock exchanges clearly is that they are not running a cushy little clubs anymore and they simply ignore court orders either deliberately or inadvertently.