https://www.taxtmi.com/acts?id=33857 Re-classification of a promoter to public status requires a reasoned request by the promoter to the listed entity, prompt board consideration with recorded views, application to the recognized stock exchange(s) for no-objection, and shareholder approval by ordinary resolution with the promoter and related persons ordinarily excluded from voting. Substantive conditions disqualify re-classification where the outgoing promoter(s) retain more than ten percent voting rights, exercise control, hold special rights, are board representatives or key managerial personnel, are wilful defaulters or fugitive economic offenders. The listed entity must meet minimum public shareholding, trading and dues conditions. en-us Mon, 24 Dec 2018 15:47:33 +0530 Mon, 16 Dec 2024 11:41:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=33857 Re-classification of a promoter to public status requires a reasoned request by the promoter to the listed entity, prompt board consideration with recorded views, application to the recognized stock exchange(s) for no-objection, and shareholder approval by ordinary resolution with the promoter and related persons ordinarily excluded from voting. Substantive conditions disqualify re-classification where the outgoing promoter(s) retain more than ten percent voting rights, exercise control, hold special rights, are board representatives or key managerial personnel, are wilful defaulters or fugitive economic offenders. The listed entity must meet minimum public shareholding, trading and dues conditions. Act-Rules SEBI Mon, 24 Dec 2018 15:47:33 +0530 https://www.taxtmi.com/acts?id=33857