Schemes of Arrangement compliance tightened: stock exchanges must vet filings and listed entities must provide valuation, NOC and default declarations. Amendments require listed entities to provide a Valuation Report with an undertaking against intervening material events, a declaration of past defaults of listed debt obligations, and a No Objection Certificate from lending scheduled commercial banks/financial institutions. Fractional entitlements are to be aggregated by a trustee and sold within ninety days; Audit Committee and Independent Director certifications of shareholder compensation must be submitted within seven days. Stock exchanges must vet schemes before referral, ensure compliance, and report non-compliance quarterly to SEBI; false information may attract punitive action.
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.
Schemes of Arrangement compliance tightened: stock exchanges must vet filings and listed entities must provide valuation, NOC and default declarations.
Amendments require listed entities to provide a Valuation Report with an undertaking against intervening material events, a declaration of past defaults of listed debt obligations, and a No Objection Certificate from lending scheduled commercial banks/financial institutions. Fractional entitlements are to be aggregated by a trustee and sold within ninety days; Audit Committee and Independent Director certifications of shareholder compensation must be submitted within seven days. Stock exchanges must vet schemes before referral, ensure compliance, and report non-compliance quarterly to SEBI; false information may attract punitive action.
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