Scheme of Arrangement clarifications: valuation reports exempted where no change in shareholding; public shareholder voting required in promoter-related schemes. Clarification requires listed companies undertaking Schemes of Arrangement to submit valuation reports unless there is no change in shareholding pattern, defines change in the shareholding pattern to include alteration in proportion of existing shareholders, allotment to new shareholders, or exit of existing shareholders, and prescribes that companies listed on nationwide exchanges must designate such exchanges for coordination while regional-only companies seeking exemption must obtain in-principle nationwide listing approval; specified promoter-related schemes require public shareholder voting by postal ballot and e-voting and non-applicability must be supported by a board approved, auditor certified undertaking published on websites.
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.
Scheme of Arrangement clarifications: valuation reports exempted where no change in shareholding; public shareholder voting required in promoter-related schemes.
Clarification requires listed companies undertaking Schemes of Arrangement to submit valuation reports unless there is no change in shareholding pattern, defines change in the shareholding pattern to include alteration in proportion of existing shareholders, allotment to new shareholders, or exit of existing shareholders, and prescribes that companies listed on nationwide exchanges must designate such exchanges for coordination while regional-only companies seeking exemption must obtain in-principle nationwide listing approval; specified promoter-related schemes require public shareholder voting by postal ballot and e-voting and non-applicability must be supported by a board approved, auditor certified undertaking published on websites.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.