Valuation requirement for preferential issues affecting control: independent valuer report and independent directors' recommendation govern pricing and disclosure. Regulation 166A requires an independent registered valuer's valuation report for preferential issues that may change control or allot more than five percent post-issue, with the floor price set as the higher of regulatory floor, valuer price, or articles-based price; valuation must address control premium if control may change and be published on the issuer's website and referenced in the shareholders' meeting notice. Preferential issues likely to change control require a reasoned recommendation from the committee of independent directors, disclosure of that committee's voting pattern in the meeting notice, and attendance by all independent directors.
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.
Valuation requirement for preferential issues affecting control: independent valuer report and independent directors' recommendation govern pricing and disclosure.
Regulation 166A requires an independent registered valuer's valuation report for preferential issues that may change control or allot more than five percent post-issue, with the floor price set as the higher of regulatory floor, valuer price, or articles-based price; valuation must address control premium if control may change and be published on the issuer's website and referenced in the shareholders' meeting notice. Preferential issues likely to change control require a reasoned recommendation from the committee of independent directors, disclosure of that committee's voting pattern in the meeting notice, and attendance by all independent directors.
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