https://www.taxtmi.com/circulars?id=58925 Debt funding from financial institutions/banks qualifies as a firm arrangement of finance only upon final sanction letters. For specified mega projects, clause 2.8 is treated as complied with if in-principle sanctions are obtained, promoters provide legally enforceable undertakings/guarantees limited by a capped percentage of their measurable unencumbered net worth (certified by statutory auditors), the undertaking is included among material contracts for inspection, lead merchant bankers verify promoters' adequacy and capability, and the offer document fully discloses how such verification was satisfied. en-us Fri, 29 Aug 2008 00:00:00 +0530 Thu, 26 Feb 2026 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=58925 Debt funding from financial institutions/banks qualifies as a firm arrangement of finance only upon final sanction letters. For specified mega projects, clause 2.8 is treated as complied with if in-principle sanctions are obtained, promoters provide legally enforceable undertakings/guarantees limited by a capped percentage of their measurable unencumbered net worth (certified by statutory auditors), the undertaking is included among material contracts for inspection, lead merchant bankers verify promoters' adequacy and capability, and the offer document fully discloses how such verification was satisfied. Circulars SEBI Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/circulars?id=58925