The amendment expected to force some owners in the telecommunications and other sectors to sell down majority holdings and give up majority voting rights.

The minister said the law will apply mainly to service industries, while most foreign companies in the country are in export and industrial sectors.

 He said there could possibly be minor revisions to the draft, but that the principles of the law couldn't be sacrificed and the loophole of using voting rights to maintain majority control in sensitive sectors would be closed.

 "Some minor adjustments are possible in implementation, but if they ask for us to call off the voting rights rules, we can't do that. It is because it's the main principle which they have used to avoid Thai laws all along," he said.

 He added that we have to talk reasonably. "We are an independent country. We have our own laws and we want businesses to respect our laws."