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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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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