Between Resistance and Reform: Rethinking Hostile Takeovers in Indian Corporate Law

In India, while hostile acquisitions are not explicitly prohibited by the regulatory framework, they are hindered by various procedural constraints. The SEBI Takeover Code, 2011 , adopts a measured regulatory view, it does not specifically restrict hostile acquisitions nor limit traditional defensive strategies. Rather, it imposes structured requirements, such as mandatory and voluntary open offers and creeping acquisition limits, to enhance transparency and protect shareholder interests. Despite alternatives such as Differential Voting Rights and Embedded Defenses that provide security, their effectiveness is often limited. Consequently, Hostile Acquisitions remain rare and multifaceted in India's corporate and legal framework.