Preferential issue to lenders allowed under debt restructuring subject to independent valuation and Companies Act compliance. Regulation 70 is amended to exempt preferential allotments linked to debt restructuring from Chapter restrictions where RBI specified guidelines govern conversion or issue price, pricing is certified by two independent qualified valuers (with transitional valuer definitions), allotted securities are subject to specified lock in periods (one year for lender conversions; at least three years for transfers/ownership changes), lock ins are reduced to the extent of prior locking of convertible securities, shareholder special resolution and Companies Act compliance are obtained, and specified disclosures about proposed allottees and turnaround plans are made.