Punjab Tractors Ltd

The recent take over of Punjab Tractors (PTL) which necessitated the open offers for other cos. E.g. Swaraj Automotives and Swaraj Engines. But no open offer for Swaraj Mazda. It should be examined if Open offer for Swaraj Mazda also should have come. Say if PTL is holding 20% ( the actual figure reported is 14%) in Swaraj Mazda and M & M has acquired 60% in PTL then M & M is supposed to have acquired 20% in Swaraj Mazda or 60% of 20% i.e. 12%. More over was PTL controlling Swaraj Mazda? If yes than will it mean Swaraj Mazda will now be controlled by M &M or continue to be controlled by PTL who might be now controlled by M & M?