November 17, 2021
Summary of the circular issued by SEBI on 16/11/2021
Additional requirements to be fulfilled by Listed Entities w.r.t filing a Scheme of Arrangement under Listing Regulations
SEBI requires the listed entity to submit the following documents with the Stock Exchange (SE), in addition to the ones prescribed in its circular dated 22/12/2020:
- an undertaking that no material event impacting the valuation has occurred during the intervening period of filing the scheme documents with SE and period under consideration for valuation
- Declaration on any past defaults of listed debt obligations of the entities forming part of the scheme
- No Objection Certificate from the lending scheduled commercial banks/financial institutions
This circular also prescribes the procedure to deal with fractional entitlements arising out of the scheme of arrangement and disclosures to be filed in this regard.