'Grown jewel' strategy as a defense mechanism for hostile takeover is almost impossible to be used in India. Explain.

The central theme in this strategy is to divest the most coveted asset by the bidder, commonly known as the "crown jewel". Consequently, the hostile bidder is deprived of the primary intention behind the takeover bid. A variation of the crown jewel strategy is the more radical "scorched earth approach", vide which approach, the target sells off not only the crown jewel, but also properties to diminish its worth. Such a radical step may however be self-destructive and unwise in the company's interest. However, as per the Companies Act, 2013, selling of whole or substantially the whole of its undertaking requires the approval of the shareholders in a general meeting by way of a special resolution and Regulation 26 of the SEBI (SAST) Regulations, 2011, the target company cannot alienate any of its material assets during the offering period (which commences once the public announcement is made) and can also not make a buy-back of shares from the public shareholders except with the approval of shareholders by way of a special resolution passed by Postal Ballot. Hence it would be almost impossible to use the "Crown Jewel" strategy as a defense mechanism in India.