Redemption restrictions on IDRs: permitted only when IDRs are infrequently traded with mandated announcement and processing timelines. Redemption of IDRs into underlying shares is permitted only after the initial lock in and solely when IDRs are deemed infrequently traded under a six month trading turnover test; issuers must test liquidity semi annually, treat a qualifying low liquidity result as the redemption trigger, make prescribed public announcements and exchange notifications, accept applications during the announced window, complete redemptions within the stipulated processing period, and have the domestic depository notify revised shareholding patterns upon completion.
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.
Redemption restrictions on IDRs: permitted only when IDRs are infrequently traded with mandated announcement and processing timelines.
Redemption of IDRs into underlying shares is permitted only after the initial lock in and solely when IDRs are deemed infrequently traded under a six month trading turnover test; issuers must test liquidity semi annually, treat a qualifying low liquidity result as the redemption trigger, make prescribed public announcements and exchange notifications, accept applications during the announced window, complete redemptions within the stipulated processing period, and have the domestic depository notify revised shareholding patterns upon completion.
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