POWER TO RELAX STRICT ENFORCEMENT OF THE REGULATIONS - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
POWER TO RELAX STRICT ENFORCEMENT OF THE REGULATIONS - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
Regulation 59A - Draft Scheme of Arrangement and Scheme of Arrangement
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Chapter V OBLIGATIONS OF LISTED ENTITY WHICH HAS LISTED ITS NON-CONVERTIBLE SECURITIES
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No-objection requirement for schemes of arrangement: listed issuers must obtain exchange clearance before filing with the tribunal. Regulation 59A requires a listed entity with listed non-convertible debt securities or non-convertible redeemable preference shares to file its draft ... Summary
No-objection requirement for schemes of arrangement: listed issuers must obtain exchange clearance before filing with the tribunal.
Regulation 59A requires a listed entity with listed non-convertible debt securities or non-convertible redeemable preference shares to file its draft scheme with the stock exchange(s) and pay the prescribed fee to obtain a No-objection letter before filing the scheme with the National Company Law Tribunal; filing without this No-objection is prohibited, the letter must be placed before the NCLT and is valid for six months, and after NCLT sanction the entity must submit specified documents and comply with additional Board or exchange requirements, with a specified exception for approved insolvency resolution plans disclosed within one day.
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