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of <h1>Listed Companies Must Obtain No-Objection Letter Under Regulation 37 for Draft Scheme of Arrangement Submission</h1> Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandates that a listed entity must file a draft scheme of arrangement with stock exchanges to obtain a No-objection letter before submitting it to any Court or Tribunal under relevant sections of the Companies Act. The No-objection letter is valid for six months, within which the draft scheme must be submitted for approval. Exceptions include mergers of wholly-owned subsidiaries with holding companies and certain loss adjustments. Restructuring under the Insolvency Code is exempt, provided disclosures are made to stock exchanges promptly.
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