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<h1>SEBI Circular Sets New Rules for Listed Companies' Mergers, Requires Stock Exchange Approval and E-Voting for Shareholders.</h1> The circular issued by SEBI addresses the regulatory framework for schemes of arrangement by listed entities, including mergers and amalgamations. It mandates listed entities to comply with specific regulations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Entities must file draft schemes with stock exchanges for approval and submit various documents, such as valuation reports and auditors' certificates. The circular outlines the process for obtaining SEBI's comments and the conditions for schemes involving unlisted entities. It also provides guidelines for shareholder approval through e-voting and details the fees payable to SEBI. The circular applies to schemes filed after its issuance date, with exceptions for certain mergers.