Schemes of Arrangement: revised filing, disclosure, valuation and e voting requirements and conditions for listing without IPO. SEBI's circular revises the framework for schemes of arrangement by listed entities and for relaxations permitting listing without an IPO. It mandates filing a Draft Scheme with a designated stock exchange and submission of specified documents (valuation report, fairness opinion, audited financials, auditor's certificate, compliance report, and complaints report); requires public disclosure and stock exchange observation; sets valuation and auditor certification rules; prescribes e voting by public shareholders in defined circumstances; and lists eligibility, lock in and processing conditions for Rule based relaxation to permit listing of transferee entity shares without an initial public offer.
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Schemes of Arrangement: revised filing, disclosure, valuation and e voting requirements and conditions for listing without IPO.
SEBI's circular revises the framework for schemes of arrangement by listed entities and for relaxations permitting listing without an IPO. It mandates filing a Draft Scheme with a designated stock exchange and submission of specified documents (valuation report, fairness opinion, audited financials, auditor's certificate, compliance report, and complaints report); requires public disclosure and stock exchange observation; sets valuation and auditor certification rules; prescribes e voting by public shareholders in defined circumstances; and lists eligibility, lock in and processing conditions for Rule based relaxation to permit listing of transferee entity shares without an initial public offer.
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