Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021
Legal Category: SEBI
Rule ACT: SEBI (LODR)
Update Type: Amendment
Release Date: 08, Jan, 2021
Notification No: No. SEBI/LAD-NRO/GN/2021/02
Description: Securities and Exchange Board of India has amended the following provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:
1. In Schedule III, in Part A (Point A,16 sub-clause) has been amended as follow:
Specific features and details of the resolution plan as approved by the Adjudicating Authority under the Insolvency Code, not involving commercial secrets, including details such as:
i. Pre and Post net-worth of the company
ii. Details of assets of the company post CIRP
iii. Details of securities continuing to be imposed on the companies’ assets
iv. Other material liabilities imposed on the company
v. Detailed pre and post shareholding pattern assuming 100% conversion of convertible securities
vi. Details of funds infused in the company, creditors paid-off
vii. Additional liability on the incoming investors due to the transaction, source of such funding, etc.
viii. Impact on the investor – revised P/E, RONW ratios, etc.
ix. Names of the new promoters, key managerial persons(s), if any, and their past experience in the business or employment. In the case where promoters are companies, the history of such company and names of natural persons in control
x. Brief description of business strategy.
2. Added new sub-clauses:
a. Proposed steps to be taken by the incoming investor/acquirer for achieving the MPS
b. Quarterly disclosure of the status of achieving the MPS
c. The details as to the delisting plans, if any approved in the resolution plan.
