Regulatory Alerts2023-06-20
Master Circular on Scheme of Arrangement by Listed Entities and Relaxation under Rule 19 of SCRR
The Securities and Exchange Board of India (SEBI) issued this Master Circular to consolidate and rescind previous directions regarding schemes of arrangement by listed entities. It mandates specific pre-sanction requirements, including the submission of valuation reports, fairness opinions, and compliance reports to designated stock exchanges. The document further outlines procedural obligations for stakeholders, such as mandatory e-voting by public shareholders in certain promoter-related transactions and adherence to strict disclosure norms.
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