No-objection letter requirement: listed entities must obtain and present stock exchange clearance before filing schemes of arrangement. Listed entities must file the draft scheme with stock exchange(s) and obtain a No-objection letter from the exchange(s) before filing the scheme with any Court or Tribunal; the valid No-objection letter must be placed before the Court or Tribunal, and post-sanction documents prescribed by the Board or exchanges must be submitted. Certain draft schemes (merger of wholly owned subsidiary with holding company; uniform write-off of losses against capital or reserves) are exempt from the pre-filing requirement but must still be filed with exchanges for disclosures; restructuring plans approved under insolvency resolution are subject to immediate disclosure to exchanges.