Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2019 - SEBI/LAD-NRO/GN/2019/29 - SEBI
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Superior voting rights: SR equity shares allowed subject to lock in, disclosure, conversion and eligibility conditions for IPO issuers. Defines SR equity shares as equity shares with superior voting rights and establishes conditions enabling issuers with promoter/founder held SR shares to offer only ordinary shares in a Main Board IPO: technology intensive business requirement; SR holders excluded from promoter net worth calculation for a specified threshold; SR shares issued only to executive promoters/founders and authorized by special resolution specifying size, voting ratio, dividend differentials, sunset provisions and parity matters; six month holding prior to RHP; voting ratio limited to whole numbers between 2:1 and 10:1; same face value; single SR class; SR shares equivalent to ordinary shares except for superior voting rights; SR shares subject to specified lock in, rights issue and bonus issue treatment; disclosure updates and eligibility for minimum promoters' contribution.
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.
Superior voting rights: SR equity shares allowed subject to lock in, disclosure, conversion and eligibility conditions for IPO issuers.
Defines SR equity shares as equity shares with superior voting rights and establishes conditions enabling issuers with promoter/founder held SR shares to offer only ordinary shares in a Main Board IPO: technology intensive business requirement; SR holders excluded from promoter net worth calculation for a specified threshold; SR shares issued only to executive promoters/founders and authorized by special resolution specifying size, voting ratio, dividend differentials, sunset provisions and parity matters; six month holding prior to RHP; voting ratio limited to whole numbers between 2:1 and 10:1; same face value; single SR class; SR shares equivalent to ordinary shares except for superior voting rights; SR shares subject to specified lock in, rights issue and bonus issue treatment; disclosure updates and eligibility for minimum promoters' contribution.
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