Proposal for Takeover Norms for Unlisted Companies

Now, the Ministry of Corporate Affairs for the purpose to protect the interest of small shareholders is likely to introduce takeover code for the Unlisted Companies.
Under the new rules, which are under consideration, a person alone or together with other parties owning 75% in an Unlisted Company required to move to the National Company Law Tribunal (NCLT) to trigger a takeover of the entire shareholding.

Source: https://www.business-standard.com/article/economy-policy/takeover-norms-for-unlisted-firms-getting-finalised-to-be-unveiled-soon-120011200731_1.html