13 October 2020, Mumbai: Had Vedanta’s delisting gone through it would have been the largest ever in India. Given this, it is no surprise that its failure has attracted undue attention, with a large part of this is focused on unconfirmed bids.

The question that remains to be answered is whether disclosing unconfirmed bids serve a purpose - do they provide guidance to the market or do they mislead the market. Are these bids put in to create a momentum or are they genuine data errors? If they are used to create a momentum, it may happen that an investor stays away from tendering their shares if they believe that the 90% threshold has been reached. But if they are misleading, these should find no place.  The question we need to ask is does disclosing unconfirmed bids serve a purpose and if it does, how do we do so.

Read our blog on the questions regarding unconfirmed bids that Vedanta’s failed delisting throws-up: Clink here