The Securities and Exchange Board of India (SEBI) has streamlined and consolidated the requirements for listed companies to: (i) undertake a scheme of arrangement under sections 391-394 of the Companies Act, 1956; and (ii) list equity shares with differential rights and warrants that are stapled with non-convertible debentures without having to comply with the requirements under rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 (SCRR).
The changes were introduced through a circular dated 4 February.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
