Clarification - Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS) (‘debt listed entities’)
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Scheme of Arrangement exclusion for intercompany transfers clarified; draft scheme still to be filed and disclosed. The earlier circular will not apply to a scheme solely between a debt listed entity and its unlisted wholly owned subsidiary; however, the debt listed entity must file the draft Scheme of Arrangement with the Stock Exchange(s) for disclosure and the Stock Exchange(s) shall disseminate the scheme documents on their 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 exclusion for intercompany transfers clarified; draft scheme still to be filed and disclosed.
The earlier circular will not apply to a scheme solely between a debt listed entity and its unlisted wholly owned subsidiary; however, the debt listed entity must file the draft Scheme of Arrangement with the Stock Exchange(s) for disclosure and the Stock Exchange(s) shall disseminate the scheme documents on their websites.
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