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‘Protect Corporate From Foreign Takeovers’, Rahul Gandhi Asks Govt.

He said that the economic fallout due to the coronavirus pandemic has made Indian corporate entities vulnerable to foreign takeovers. 

New Delhi| Congress leader Rahul Gandhi on Sunday said that the economic fallout due to the coronavirus pandemic has made Indian corporate entities vulnerable to foreign takeovers, and the Indian government must protect the entities from “foreign interest”.

Rahul Gandhi, on Twitter, said, “The massive economic slowdown has weakened many Indian corporates making them attractive targets for takeovers. “The government must not allow foreign interests to take control of any Indian corporate at this time of national crisis.”

On Saturday, in an exchange filing, the leading mortgage lending company HDFC had disclosed that the Central Bank of China had bought it’s 1.01% stake. Although, HDFC Vice-Chairperson Keki Mistry informed the news channel NDTV that the Chinese bank already had 0.8 stakes in the HDFC as of March 2019 and the new developments were revealed as the stakes crossed 1% regulatory threshold. She also informed that the chinses bank has been accumulating shares in HDFC over one year.

INC National Spokesperson Gourav Vallabh also tweeted a video saying Indian corporates are not for sale and it should be made mandatory to inform RBI and take due permission from the central bank for any foreign agency to buy stakes in Indian corporate businesses.

Gourav Vallabh said, “Indian companies are not for sale!”

 

 

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