New Delhi, Feb. 3 -- Ramping up his efforts to be allowed a shot at bidding for embattled conglomerate Religare Enterprises, India-born US investor Digvijay 'Danny' Gaekwad has sought a "special exemption" under the country's takeover code from India's markets regulator.

This comes after his initial counteroffer to the Burman's family's open offer for Religare-first submitted on 24 January and revised on 26 January-was returned by the Securities and Exchange Board of India (Sebi) last week. In Sebi's view, Gaekwad's offer did not conform to the regulator's exemption application rules under the takeover code.

Gaekwad's latest letter to Sebi seeking the special exemption, dated 1 February, was shared by Religare with the exchanges on Mond...