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Securities and Exchange Board of India CIRCULAR SEBI/HO/CFD/DIL2/CIR/P/2021/0000000657 November 16, 2021 To All Recognized Stock Exchanges (except Commodity Exchanges) All Recognized Depositories Issuer Companies Merchant Bankers and Brokers registered with SEBI Registrars to an I
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FAQ :
This circular provides further clarifications and amendments to the framework for Schemes of Arrangement by listed entities, aiming to empower stock exchanges and ensure compliance with SEBI regulations.
This circular is applicable to all schemes filed with the stock exchanges from the date of the circular, which is November 16, 2021.
New requirements include an undertaking from the listed entity stating no material event impacting valuation has occurred, a declaration on any past defaults of listed debt obligations, and obtaining a No Objection Certificate from lending scheduled commercial banks or financial institutions.
Fractional entitlements, if any, will be aggregated and held by a trust nominated by the Board. This trust will sell the shares in the market within 90 days of allotment.
Any misstatement or furnishing of false information regarding the scheme of arrangement will make the listed entity liable for punitive action as per applicable laws and regulations.
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Notification No : SEBI/HO/CFD/DIL2/CIR/P/2021/0000000657Published in Investments & Personal Finance
Source : https://www.sebi.gov.in/legal/circulars/nov-2021/scheme-of-arrangement-by-listed-entities_53967.html