In this issue of First Notes, we provide an overview of SEBI amendments relating to schemes of arrangements.
Companies with listed specified securities (i.e. equity shares and convertible securities) are required to comply with the provisions of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and the Companies Act, 2013 (2013 Act) while undertaking any scheme of arrangement including amalgamation, merger, reconstruction and reduction of capital.
Further, SEBI through its circular dated 10 March 2017 has laid down detailed requirements to be complied with by listed companies while undertaking schemes of arrangements.
On 3 November 2020, SEBI has made certain amendments to the regulatory framework for schemes of arrangements by listed companies (laid down in its circular dated 10 March 2017). The amendments relate to the following areas:
In this issue of First Notes, we provide an overview of these amendments.
To access the text of the SEBI circular, please click here.
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