Amendments To SEBI Master Circular On Schemes Of Arrangement By Listed Entities: Khaitan & Co.
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Khaitan & Co. Update
SEBI's Listing Regulations provides that a scheme of arrangement/ amalgamation/ merger/ reconstruction/ reduction of capital, etc. (Scheme) to be presented to any court or tribunal should not in any way violate, override or limit the provisions of securities laws or requirements of the stock exchanges.
It further requires a listed entity involved in a Scheme or desirous of undertaking a Scheme, to obtain a no objection letter from the stock exchanges before filing the Scheme with the relevant bench of National Company Law Tribunal.
Pursuant to the 2021 Amendment Circulars, SEBI has introduced certain additional requirements to be complied with by the listed entities while undertaking a Scheme. Amendments to the Master Circular are detailed in the report.
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