23rd May 2013
Sub: Scheme of Arrangement under the Companies Act, 1956 – Revised requirements for the Stock Exchanges and Listed Companies - Clarification
To all listed companies
CIR/CFD/DIL/8/2013 dated May 21, 2013.
Kindly note that SEBI vide the above-mentioned circular have directed the Stock Exchanges to bring the provisions of this aforesaid circular to the notice of all the companies whose securities are listed on the stock exchange. The salient features of the revised requirements, include the following:
“Para 5.3 of Circular dated February 4, 2013 is modified as follows:
5.3 If a company is listed on any stock exchange having nationwide terminals and/or regional stock exchange, it shall choose the stock exchange having nation-wide trading terminals as the designated stock exchange for the purpose of coordinating with SEBI.
5.3.(a) For companies listed solely on regional stock exchange, wherein exemption from Rule 19(2)(b) of Securities Contracts (Regulation) Rules, 1957 is sought, the company shall obtain in-principle approval for listing of equity shares on any stock exchange having nationwide trading terminals.
5.3.(b) For companies listed solely on regional stock exchange, wherein exemption from Rule 19(2)(b) of Securities Contracts (Regulation) Rules, 1957 is not sought by the company, the following shall apply: One of the stock exchanges having nationwide trading terminals shall provide a platform for dissemination of information of such Schemes and other documents required under the SEBI Circular No. CIR/CFD/DIL/5/2013 dated February 4, 2013. For such purpose, stock exchanges having nationwide trading terminals may charge reasonable fees from such companies.”
All the listed companies are requested to take note of the amendment as proposed by SEBI and implement the same with immediate effect.
For THE CALCUTTA STOCK EXCHANGE LTD.