Are you a sponsor of the IPL?Yeah, the law definitely needs to be amended. I'd even argue it should be worded to apply only in situations where the umpires judge that wasting time could directly impact the outcome of the game - i.e. the situation (I think) it was intended for of forcing a draw when you're otherwise likely to lose by just not coming out. There might still be times in ODIs where it could apply - like if a wicket falls with rain approaching and the batting team knows they're still ahead on DLS, but will be behind if the next batter faces a ball and gets out before the rain comes, so they just take ages to get out there.
But even if a batter takes 10 minutes or something stupid to get out there and get ready, if those extra minutes are going to be utterly irrelevant*, I don't think it should be punishable by qualifying as a form of dismissal. Penalty runs or something if you want to punish it, but not being out. And that's ignoring the fact that this instance involved safety equipment breaking
*I know there's always a chance that a test match ends up as a really tense draw and you could argue that any time taken out of any stage in the game could have been the difference between the draw and defeat, but let's be reasonable