ISSUE OF CONVERTIBLE DEBT INSTRUMENTS AND WARRANTSSecurities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018
ISSUE OF CONVERTIBLE DEBT INSTRUMENTS AND WARRANTSSecurities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018
Alteration of rights in specified securities requires supermajority consent or a special resolution; SME issuers face migration rules. Alteration of rights in specified securities is prohibited if it would adversely affect holders unless at least three-fourths in writing consent or a ... Summary
Alteration of rights in specified securities requires supermajority consent or a special resolution; SME issuers face migration rules.
Alteration of rights in specified securities is prohibited if it would adversely affect holders unless at least three-fourths in writing consent or a special resolution of that class is passed. Issuers on an SME exchange whose post-issue paid-up capital is likely to exceed a prescribed capital threshold by further issue must migrate to the Main Board and seek Main Board listing for proposed securities, and may only proceed after shareholders approve migration by a specified special-resolution postal ballot majority and after obtaining in-principle Main Board approval; an alternative permits further issuance on the SME exchange subject to compliance with Main Board listing obligations and disclosures.
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