Miffed by the lack of response from Indian regulatory authorities, Florida-based businessman Danny Gaekwad is planning to escalate his concerns to the Trump administration, seeking intervention for a “fair treatment” to him as a US investor.
Gaekwad had recently expressed interest in making a competing bid for a controlling stake (55 per cent) in Religare Enterprises, and sought SEBI nod to exempt him from timelines related conditions in the Takeover code.
Gaekwad, a US Investor, said he feels ignored and unfairly treated despite fulfilling all regulatory requirements.
“I am planning to get my senators involved. This is not fair. I am left with no choice. I am going to ask for fairness and justice from Florida Senator Rick Scott and the Trump Administration,” Gaekwad told businessline.
Lack of response from SEBI, RBI frustrates Gaekwad
Gaekwad, who has made multiple attempts to engage with Indian regulators, said he has not received any response from the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI) regarding his interest in acquiring a controlling stake in Religare Enterprises.
“I am approaching the Trump administration and planning to meet my Senator Rick Scott. I have not received any response from SEBI or RBI. My frustration is growing, and the game is on. My next step is to go to my country (the US) and ask them to help me,” he said.
Gaekwad emphasised that he has complied with all regulatory requirements and yet is not being treated fairly. “I am not getting fair treatment from Indian authorities despite fulfilling the requirements,” he added.
Regulatory roadblocks
Gaekwad detailed the obstacles he faced while trying to make his bid for Religare Enterprises, a diversified financial services company in India.
“First, they said my application was not legitimate because there was no merchant banker or escrow account. I then conformed to all their requirements, refiled the request, opened an escrow account, and appointed a merchant banker. Even after fulfilling these conditions, I have received no response, which is extremely frustrating,” he explained.
He further stated that he plans to involve US lawmakers in raising questions about his treatment. “I will get congressmen and senators to ask why I was being mishandled. I am not getting fair treatment from Indian authorities, and I will not let this go unchallenged,” Gaekwad asserted.
Implications of US Involvement
Gaekwad’s decision to approach Senator Rick Scott and the Trump administration could escalate the matter to diplomatic levels, potentially leading to pressure from the US government on Indian authorities. If US lawmakers take up Gaekwad’s case, it could lead to discussions on investment fairness, transparency, and regulatory processes in India, economy watchers said.
With the US-India trade and investment relationship being a key area of cooperation, Gaekwad’s move to bring his concerns to US policymakers could add a new dimension to how India handles foreign investor interests in key financial sectors, they said.
As Gaekwad prepares to take his grievances to Washington, the Indian regulatory response — or lack thereof — could become a focal point in broader discussions on fair treatment of foreign investors in India’s financial sector, they noted.