Issue of Capital and Disclosure Requirements

Special exemptions for rehabilitation of distressed companies

SEBI has recently amended the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011 and SEBI (Issue of Capital and Disclosure Requirements) 2009, relaxing norms for acquisition of distressed companies and bringing these regulations in line with the Insolvency and Bankruptcy Code, 2016 (“IBC”). SEBI has introduced an exemption from the requirement of making an…

SEBI Informal Guidance on Lock-In Requirements

Recently, SEBI has issued an informal guidance to PC Jeweller Limited (“Applicant”) in relation to the lock-in requirements of the pre-preferential allotment shareholding of an allottee of unlisted convertible securities under Regulation 78 of the SEBI (ICDR) Regulations, 2009 (“SEBI ICDR Regulations”). In the matter of M/s PC Jeweller Limited Facts The Applicant is a…

SEBI’s Informal Guidance to Kesoram Industries Limited

SEBI issued an informal guidance to Kesoram Industries Limited (Querist) in relation to queries regarding lock-in requirements applicable to Optionally Convertible Redeemable Preference Shares (OCRPS) issued under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The Querist had made a preferential allotment of OCRPS to a non-promoter allottee, which were convertible into equity…

© Finsec Law Advisors | 2017
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