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of <h1>SEBI Updates Rules for Listed Companies on Mergers and Amalgamations; Independent Valuation Report Now Required.</h1> The circular issued by SEBI on May 21, 2013, provides clarifications and modifications to the earlier circular dated February 4, 2013, regarding Schemes of Arrangement under the Companies Act, 1956. It applies to all listed companies undergoing amalgamation, merger, reconstruction, or capital reduction. The circular specifies that a valuation report from an independent chartered accountant is required unless there is no change in the shareholding pattern. It also outlines procedures for companies listed on regional stock exchanges and mandates voting by public shareholders in specific cases. The circular emphasizes compliance and potential penalties for misstatements.
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