Apr 01, 2017

SEBI (Listing Obligations and Disclosure Requirements) Amendment Regulations, 2017

SEBI, by way of a notification dated February 15, 2017, has amended the SEBI (Listing Obligations and Disclosure Requirements Regulations, 2015 (‘LODR’). Regulation 37 of the LODR stipulates that a listed company desirous of undertaking a scheme of arrangement or involved in such scheme is required to file the draft scheme with the relevant stock exchanges and obtain a no-objection / no-observation letter from the stock exchange prior to filing such scheme under the provisions of the Companies Act, 1956 or CA 2013. Pursuant to the amendment, SEBI has provided that these provisions of Regulation 37 will not be applicable in case of a scheme, which provides solely for the merger of a wholly owned subsidiary with its holding company, provided that the draft scheme is filed with the stock exchanges for the purpose of disclosure.

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