TaxTMI 
TaxTMI 
Relaxations from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of Rights Issue
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.... the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of Rights Issue. 1. In the wake of developments relating to the Covid-19 pandemic, a number of suggestions have been received by SEBI from industry bodies and market participants for easing of conditions relating to raising of funds from the securities market. 2. In this context, it has been decided to introduc....
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....crores' shall be read as 'one hundred crores' (iii) In regulation 99(f) and its proviso the words 'three years' shall be read as 'eighteen months' (iv) Regulation 99(h) shall be read as under: "no show-cause notices, excluding under adjudication proceedings, have been issued by the Board and pending against the issuer or its promoters or whole-time directors as on the reference date; In case....
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....on 99 (m) shall be read as "For audit qualifications, if any, in respect of any of the financial years for which accounts are disclosed in the letter of offer, the issuer shall provide the restated financial statements adjusting for the impact of the audit qualifications. Further, that for the qualifications wherein impact on the financials cannot be ascertained the same shall be disclosed approp....
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....ral conditions as specified in Regulation 61 & 62 respectively shall continue to apply. 3. These temporary relaxations are applicable for Right Issues that open on or before March 31, 2021. 4. The relaxations mentioned in this circular are not applicable for issuance of warrants. 5. This circular shall come into force with immediate effect. The Stock Exchanges are advised to bring the provision....