Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2020

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....the Securities Contracts (Regulation) Act, 1956 and Section 25 of the Depositories Act, 1996, the Securities and Exchange Board of India hereby makes the following regulations to amend the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018, namely:- 1. These regulations may be called the Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 - (1) In the regulation 15, in the sub-regulation (2), (i) in clause (a), (a) after the words "not later than" and befo....

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....ll be provided opportunity of hearing or meeting only before the Internal Committee." (6) In the Schedule II, in Chapter VI, in Table VI, the last row shall be substituted with the following: '' WHERE THE MAKING OF THE OPEN OFFER IS INFRUCTUOUS INFRUCTUOUS BY AN ACT OF THE ACQUIRER INFRUCTUOUS BY AN ACT OF THE COMPANY OR BY ANY OTHER REASON RUPEES 1 CRORE OR OPEN OFFER SIZE, WHICHEVER IS HIGHER ANY AMOUNT BETWEEN RUPEES 10 LAKHS TO RUPEES 35 LAKHS; WITH A MULTIPLIER BETWEEN 1 TO 3 AS DECIDED BY THE IC OR HPAC OR THE PANEL OF WTMS (7) In Schedule II, in Chapter VI, in Table X shall be substituted with the following table. " TABLE-X RESIDUARY BA, FOR EACH UNIT OF ALLEGED DEFAULT FOR EACH APPLICANT ....