Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS)
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No-objection requirement for schemes of arrangement: Stock Exchange clearance and prescribed disclosures required before court filing. Entities listing Non-convertible Debt securities or Non-convertible Redeemable Preference Shares must file a draft scheme of arrangement with a designated nationwide Stock Exchange to obtain a No-Objection Letter before approaching any Court or Tribunal. The filing must include the draft scheme, a Registered Valuer's valuation report with undertaking, a fairness opinion from a SEBI-registered merchant banker, a board report addressing impacts and safeguards for NCD/NCRPS holders, audited financials, an auditor's certificate on payment/repayment capability, compliance reports, and required declarations; Stock Exchanges will forward filings to SEBI and coordinate queries and timelines.
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.
No-objection requirement for schemes of arrangement: Stock Exchange clearance and prescribed disclosures required before court filing.
Entities listing Non-convertible Debt securities or Non-convertible Redeemable Preference Shares must file a draft scheme of arrangement with a designated nationwide Stock Exchange to obtain a No-Objection Letter before approaching any Court or Tribunal. The filing must include the draft scheme, a Registered Valuer's valuation report with undertaking, a fairness opinion from a SEBI-registered merchant banker, a board report addressing impacts and safeguards for NCD/NCRPS holders, audited financials, an auditor's certificate on payment/repayment capability, compliance reports, and required declarations; Stock Exchanges will forward filings to SEBI and coordinate queries and timelines.
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