Salient features of the revised norms of SEBI (Securities and Exchange
Board of India)
Salient features of the revised norms of SEBI (Securities and Exchange
Board of India) are as follows:
The requirements of the circular relating to the merger and...
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Salient features of the revised norms of SEBI (Securities and Exchange
Board of India)
Salient features of the revised norms of SEBI (Securities and Exchange
Board of India) are as follows:
The requirements of the circular relating to the merger and
amalgamation can be divided in to 2 parts:
Requirements before the scheme is submitted for sanction of the High
Court
Requirement after the scheme is sanctioned by the High Court
REQUIREMENTS BEFORE THE SCHEME IS SUBMITTED TO THE HIGH
COURT FOR ITS SANCTION:
Obligation of Listed companies/Stock exchange
1.
Listed companies desirous of undertaking the scheme of arrangement
under chapter V of the Companies Act shall file draft scheme with the
stock exchange along with the following documents.
I.
Valuation report from the Independent Charted accountant
II.
Report from the audit committee recommending the scheme
III.
Fairness of opinion by independent merchant banker
IV.
Pre & post amalgamation shareholding pattern
V.
Audited financi
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