30th January 2018
Sub: Scheme of arrangement by listed entities and (ii) relaxation under Sub-Rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957
To all Listed Companies
Attention of such aforesaid listed companies are drawn to SEBI Circular Ref. No. CFD/DIL3/CIR/2018/2 dated January 3, 2018 (copy available at CSE web-site at www.cse-india.com and SEBI web-site at www.sebi.com) wherein
As per the said Circular “SEBI has received representations suggesting improvements to the existing regulatory framework governing scheme of arrangement. Considering the above and in order to expedite the processing of draft schemes and to prevent misuse of schemes to bypass regulatory requirements, it has been decided to make certain amendments to the Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017.”
This is for information and necessary action.
CS Chandrani Datta