Schemes of Arrangement by Listed Entities
Summary
This circular amends the Master Circular regarding No Objection Certificates for schemes of arrangement by listed entities. It mandates obtaining NOCs from not less than 75% of secured creditors in value, including banks and financial institutions. The provisions apply to all schemes filed with stock exchanges after November 16, 2021.
Text
No Objection Certificate (NOC) from the lending scheduled commercial banks/ financial institutions/ debenture trustees, from not less than 75% of the secured creditors in value.
This Circular shall be applicable for all the schemes filed with the stock exchanges after Nov 16, 2021.
The recognized stock exchanges are directed to bring the provisions of this circular to the notice of the listed companies and also to disseminate the same on their website
Source: SecMarx — Schemes of Arrangement by Listed Entities. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.