Under the norms, listed entities desirous of undertaking a scheme of arrangement file the draft scheme with stock exchange for obtaining no-objection letter, before filing of such scheme … Farmers Protest LIVE: Talks between govt, farmers remain inconclusive; Next meeting proposed on Dec 5, Made-in-India Renault Kwid with dual airbags scores two stars in Global NCAP crash tests, Now MSMEs can prepare, submit restructuring proposals to banks on their own with SIDBI’s new DIY portal, Copyright © The new framework will be applicable for all the schemes filed with the stock exchanges after November 17, 2020. Scheme of arrangement between ABB India Limited and ABB Power Products and Systems Ltd: ABB Power Products and Systems India Limited: Listing of 4,23,81,675 Equity shares of Rs. Report on Complaints – BSE. Earlier, this timeline was 45 days. (a) Draft scheme of arrangement/ amalgamation/ merger/ reconstruction/ reduction of capital (“Scheme”); (b) Valuation Report from Registered Valuer (Valuation report not required when there is no change in shareholding pattern of the resultant company); Besides, SEBI said valuation report is required to be placed before the audit committee of the listed entity. SELL AXIS ICICI ABNK. The audit committee report can comment on the need for the merger/demerger/amalgamation/arrangement, rationale of the scheme, synergies of business of the entities involved in the scheme, impact of the scheme on the shareholders and cost benefit analysis of the scheme. Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. TCS, Wipro buyback: Should investors tender shares or is there more steam in bluechip IT stocks? ITR due date is not over yet, Indian Railways zero-based timetable: Travel time in long-distance trains to reduce! 3. Valuation Report. CFD/DIL3/CIR/2017/21 dated March 10, 2017 3 Report from the Audit Committee recommending the Draft Scheme, taking into consideration, inter alia, the Valuation Report. ICICIGI - Draft Scheme Of Arrangement Among ICICI Lombard General Insurance Company Limited ('Resulting Company') And Bharti AXA General #Part1 . Besides, Sebi said valuation report is required to be placed before the audit committee of the listed entity. Bloomberg | Quint is a multiplatform, Indian business and financial news company. The logo of Securities and Exchange Board of India (SEBI) is pictured on the door handle of a corference room at the market regulator hearquarters in Mumbai, India. Further, SEBI will issue comment letter upon receipt of 'no-objection' letter from exchanges having nationwide trading terminals. Further, stock exchanges need to forward their objection or no-objection letter to SEBI, which can also review the scheme. Burger King India IPO opens for subscription; check grey market premium, valuation, other details, Income tax benefits on EPF contributions and withdrawals: All you need to know, India 'carefully monitors' all developments on Brahmaputra: MEA on China's plan to build major dam, FSSAI seeks details of CSE tests on honey; questions body for not conducting SMR test, COVID-19 guidelines on face masks and social distancing violated with impunity, says Supreme Court. Revised Draft Scheme of Arrangement. Step: 2 DRAFT SCHEME OF MERGER. According to data available with markets regulator Sebi, companies listed on BSE and NSE garnered total Rs 4.42 lakh crore during April-October 2020-21. ... Annexure 2 Certified copy of draft Scheme. Earlier, stock exchanges were required to give only an observation letter on the scheme of arrangement. The new framework will be applicable for all the schemes filed with the stock exchanges after Nov. 17, 2020. Pre & Post Shareholding Pattern. Before commencement of trading, Sebi said the transferee entity, in addition to disclosing the information in the form of an information document on the website of the exchanges, will have to give an advertisement in newspapers giving details about the business model, reason for the amalgamation and internal risk factors. … ICICI Lombard General Insurance Company - Intimation Of Receipt Of In-Principle Approval Of The Insurance Regulatory And Development Authority Of India To The Draft Scheme Of Arrangement … With regard to the framework on listing, SEBI said the changes will applicable for entities seeking listing and/or trading approval from the stock exchanges after Nov. 3, 2020. Join our. We may make Further, Sebi will issue comment letter upon receipt of ‘no-objection’ letter from exchanges having nationwide trading terminals. Step: 3 CALL BOARD MEETING ⇓ . Sebi streamlines framework for processing of draft schemes of arrangement filed with exchanges, Nifty posts record closing again, mid-, small caps outperform; here’s what analysts make of today’s trade, IPOs in 2021: Rs 30,000 cr public issues in pipeline; D-Street set for heavy traffic. Earlier, this timeline was 45 days. These include: 1. Didn't file your Income Tax Return? The changes are aimed at ensuring that the recognised stock exchanges refer draft schemes to Sebi only upon being fully convinced that the listed entity is in compliance with the regulatory norms, it said in a circular. Further, stock exchanges need to forward their objection or no-objection letter to Sebi, which can also review the scheme.

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