January 11, 2021
Summary of the notification issued by SEBI on 08/01/2021
Disclosure of events under Regulation 30 of LODR, 2015 by a Listed Entity undergoing Corporate Insolvency Resolution Process(CIRP) under IBC, 2016
Through this notification, a listed entity undergoing CIRP under IBC, 2016 shall disclose following events with the Stock Exchanges, without any application of the guidelines for materiality as specified in Regulation 30(4) of LODR, 2015:
a. Proposed steps to be taken by the incoming investor/acquirer for achieving the Minimum Public Shareholding (MPS)
b. Quarterly disclosure of the status of achieving the MPS
c. The details as to the delisting plans, if any approved in the resolution plan. d. Details/Specific Features of the resolution plan as approved by the Adjudicating Authority under the Insolvency Code, not involving commercial secrets, such as pre and post net worth, shareholding pattern, impact on the investor, business strategy etc.
This notification is available for reference on our free to use website www.ca2013.com for your quick reference.