REGULATORY FRAMEWORK OF DELISTING:

Size: px
Start display at page:

Download "REGULATORY FRAMEWORK OF DELISTING:"

Transcription

1 WHAT IS DELISTING? Delisting is totally the reverse of listing. Delisting is not specifically defined but in simple words delisting means permanent removal of securities of a listed company from a stock exchange. It is not only a structuring tool but also a possible corporate strategy to achieve greater control with less accountability to public (shareholders) at large. The securities of that company that is delisted would no longer be tradable at that stock exchange. "Delisting" i.e. the said removal from a Stock Exchange, may be Voluntary (i.e. at the will of the Company) or Compulsory (i.e. out of a penal action by the Stock Exchanges, for the reason of any violations). REGULATORY FRAMEWORK OF DELISTING: SEBI(Delisting Of Equity Shares) Regulations, 2009; Securities Contract( Regulation Act), 1956; Companies Act, 2013; SEBI (Substantial Acquisition of Shares and Takeover) Regulation, TYPES OF DELISTING: Delisting Compulsory Delisting Voluntary delisting Voluntary Delisting from all the exchanges. Voluntary delisting from few exchangebut remains listed on at least one stock exchange having nation wide terminals Exit opportunity No exit opportunity Small Company (whether listed at any of the Exchanges) No Bidding, but exit opportunity is there

2 A. Compulsory Delisting: In case of compulsory delisting, the securities of a company are removed from a stock exchange as a penal measure for not making submissions/complying with various requirements set out in the SEBI (Listing and Obligatory Disclosure Requirements), 2015 erstwhile Listing agreement within the time frames prescribed. The main non compliances that lead to compulsory delisting are as follows: Non payment of listing fees. Non compliance with listing requirements. Non redressal of investor s complaints despite repeated reminders. Unfair trading practices of the promoters/ management. Other malpractice such as fake, original or duplicate share certificates deliberately issued by the management. Reduction in the number of public holders of securities. B. Voluntary Delisting: In voluntary delisting, a company decides on its own to remove its securities from a stock exchange. There are many reasons why company wants to delist its securities, some are stated as follows: A Listed Company finds the listing fees payable to the stock exchanges burdensome and disproportionate to the benefits accruing to the company or its stock holders. Negligible trading or total absence of trading for a considerable long period of time. The company has either suspended its business or is under closure or has become sick industrial company. Mergers, Amalgamations, Takeovers, etc. CONDITIONS FOR DELISTING: A company cannot go for delisting of its equity shares unless three years has not lapsed since the equity shares of the company are listed on the stock exchange. A company cannot apply for delisting of its equity shares under the following situations: - After commencement of buy back of equity shares. - After commencement of preferential allotment. - In case where company has issued convertible securities and where equity share are pending to be allotted against the securities. A company can delist its securities without giving exit opportunity to its shareholders in the following cases:

3 - If it gets delisted from one or more of the Exchanges where its equity shares are listed but it remains listed on atleast one Exchange having nationwide trading terminals. - If it falls within the definition of Small Company as defined under the delisting Regulations. Appointment of Merchant Banker is mandatory for all types of delisting except in company voluntarily from one or more exchanges provided it shall remain listed on at least one exchange having nationwide trading terminal. PROCEDURE FOR COMPULSORY DELISTING OF EQUITY SHARES: 1. Constitution of Panel: The decisions with regards to delisting of securities shall be taken by the panel constituted by the recognized stock exchange. The panel shall consist of two directors of the recognized stock exchange (one of whom shall be a public representative); One representative of the investors; One representative of the Ministry of Corporate Affairs or Registrar of Companies; and The Executive Director or Secretary of the recognized stock exchange. 2. Public notice before delisting order: The stock exchange before making delisting order shall issue notice in the following one English national daily with wide circulation and one regional language newspaper of the region where the concerned recognized stock exchange is located display such notice on its trading systems and website.

4 3. Time period of making representation: Any person aggrieved by the proposed delisting shall be given not less than 15 working days within which he can made representations to the recognized stock exchange which has issued a notice for the delisting. 4. Delisting Order by the Recognized Stock Exchange: After taking into consideration the representation received from the company and the aggrieved public and the following points, the recognized stock exchange shall pass an order: Nature and extent of the alleged non-compliance of the company and the number and percentage of shareholders who may be affected by such noncompliance. The status of compliance of the company with the office of the concerned Registrar of Companies. 5. Public notice after Delisting Order: After issuing delisting order by the Recognised Stock Exchange, the copany shall; Publish a notice in one English national daily with wide circulation and one regional language newspaper of the region where the concerned recognized stock exchange is located. Inform all other stock exchanges where the equity shares of the company are listed, about such delisting and the surrounding circumstances. 6. Disclosures to be made in the notice: The following disclosures are required to be made in the notice: Facts of such delisting, The name and address of the company, The fair value of the equity shares. The names and addresses of the promoters of the company who would be liable. 7. Intimation to other stock exchanges: The recognized stock exchange shall intimate other stock exchanges where the company shares are listed about the delisting order. 8. Determination of Fair Value Once the shares are delisted, the company shall appoint an independent valuer or valuers who shall determine the fair value of the delisted equity shares at which shares may be tendered by the public shareholders.

5 9. Consequence of Compulsory Delisting: The company, promoters, person acting in concert, directors cannot access securities market or seek listing for a period of 10 years from the date of delisting. PROCEDURE FOR VOLUNTARY DELISTING OF EQUITY SHARES: There are three ways in which company can opt for voluntary delisting: Voluntary delisting from all stock exchanges. Voluntary delisting from few stock exchanges subject to listing at atleast one stock exchange having nationwide terminals. Voluntary delisting for Small Companies. A. Voluntary delisting from all stock exchanges:

6 Exit opportunity shall be given to all public shareholders holding equity shares. The outcome of the board meeting the Board of directors has proposed to delist the shares of the company from the exchanges is sent to the stock exchanges. Issue notice to the shareholders for convening General Meeting Pass special resolution by poastal ballot Company shall make application for obraining in-principle approval along with share capital audit report Stock exchange may dispose off the application and grant grant in-priciple approval within 5 days from the date of application. Appoint Merchant Banker. Provided merchant banker shall not form part of promoters group Open escrow account anddeposit the total consideration payable in the account Public announcement within 1 working day from receipt of approval in one english newspaper and regional newspaper Board of director shall determine specified date as on which whoever is the shareholders shall be given letter of offer The offer shall remain open for 5 working days The promoter shalll give public announcement iregarding acceptance, rejection, failure of offer within 5 working days from the closing of the offer. The company shall deposit the differntial amount in the ecsrow amount as per final price determined If final offer price is accepted by the promoter, special escrow account shall be opened and the amount lying in escrow account shall be transferred If final offer price is not accepted by the promoter. the shares tenered shall be returned within 10 working days from the date of closure of offer The company shall make payment to the shareholders who have tendered their shares The promoter shall make final application to the stock exchange for delisting of equity shares The stock exchange shall consider the application and issue delsiting order The remaining shareholders who have not tendered their shares can do so within one year from the date of passing delisting order

7 B. Voluntary delisting from few stock exchanges subject to listing at at least one stock exchange having nationwide terminals. The company shall not give exit opportunity to all public shareholders holding equity shares Intimation to the stock exchange about proposed Board meeting to consider delisting of equity shares The outcome of the board meeting that the Board of directors has proposed to delist the shares of the company from the exchanges is sent to the stock exchanges. The promoter shall make public announcement in ne english newspaper and one regional newspaper Application to stock exchange for obtaining approval for delisting of equity shares. The stock exchange shall dispose off the application within 5 working days and shall issue delisting order. C. Voluntary delisting for Small Companies: For the purpose of SEBI (Delisting of Equity Shares) Regulation, 2009, Small Company means a company which satisfies all of the conditions as mentioned below: 1. Paid up share capital of which does not exceed ten crore rupees and net worth not exceeding twenty five crore rupees as on the last date of the preceding financial year: 2. The Equity shares of the applicant company were not traded in any of the recognized stock exchange for a period of one year immediately preceding the date of board meeting in which the BOD has approved the proposal of Delisting; and 3. The applicant company has not been suspended by any of the recognized stock exchanges having nationwide trading terminals for any non compliance in the preceding one year. The procedure for delisting of small companies are as follows: Intimation to the stock exchange shall be given with regards to intention to delist the shares of the company. Appoint merchant banker to carry out due diligence Approval of board of directors by way of resolution for proposed delisting of equity shares.

8 Intimation to the stock exchange regarding the decision of the board meeting that the Board of directors has proposed to delist the shares of the company. Issue notice to shareholders less than 21 clear days to convene a general meeting so as to pass Special resolution by way of postal ballot. Provided, the votes casted by public shareholders in favour of the resolution should be atleast twice the votes cast against the resolution. Make an application to the concerned stock exchange for obtaining in principle approval for delisting alongwith reconciliation of share capital audit report covering the period of last 6 months from the date of application. The promoters shall determine the exit price in consultation with the Merchant Banker. The price to be offered to the public shareholders for tendering their shares shall not be less than the exit price determined. The application made by the company for delisting shall be disposed off by the stock exchange within 5 days from the date of receipt of application for delisting. Consent of atleast 90% of public shareholders needs to be obtained for either to sell their shares to the promoters or to remain shareholders even after the shares are delisted. The process for delisting shall subsist is consent of shareholders is not obtained. Once the consent is obtained from the public shareholders, the company shall proceed with dispatch of letter of offer. Open an escrow account for making payment of delisting price. Make payment to the public shareholders who have tendered their shares in cash. A final application for delisting be made to the concerned recognized stock exchange accompanied with such proof of having given the exit opportunity in accordance with the above said provisions. The recognized stock exchange shall dispose off the application of the delisting complete in all respects and pass the delisting order. RELISTING EQUITY SHARES ON THE STOCK EXCHANGE: The company that has voluntarily delisted its securities can relist its securities only after a period of 5 years. The company that has been compulsory delisted by the exchange can relist its securities only after a period of 10 years. In case of Delisted companies who were sick in the past, can be given opportunity of listing through restructuring scheme passed by BIFR. The sick companies are exempted from the provision of cooling period. The application made by the company on the basis of the orders provided by BIFR to the stock exchange shall be treated as application for fresh listing of equity shares and the provisions with regards to listing of equity shares of unlisted company shall apply.

9 BENEFITS AND POSITIVE DEVELOPMENTS AFTER DELISTING: The costs of being a publicly traded company are substantial and are occasionally difficult to justify with a low market capitalization. As a result, deregistering can save a company millions and reward shareholders with a higher net income and earnings per share (EPS). Company shares may be trading below intrinsic value, compelling the company to acquire its own shares as a strategic move. This typically results in shareholders being rewarded with substantial returns over the short term. If a company does not meet those requirements, it may be forced to delist itself. Causes for delisting may include failure to file timely financial reports, lowerthan-required stock price, or insufficient market capitalization. In the end, companies can have a clear bottom-line incentive for delisting their stock from public exchanges - it's not always a bad thing! HINDRANCES AFTER DELISTING: Investors' decision should be guided by the price offered by the company. Generally it is advisable for shareholders to tender their shares if the company is offering a reasonable price. If they do not do so and the open offer is successful, they will be among minority shareholders. There will be no liquidity for the shares and no means of price discovery. Minority shareholders are then left with very few options for exiting the company. Further, if their shareholding is less than 10 per cent, this group of minority shareholders cannot approach the NCLT (National Company Law Tribunal) for redressal of grievances. If the price offered is not reasonable, shareholders may collectively refuse the proposal. Shareholders should also look at the shareholding structure to determine who the other shareholders are. Out of the total public shareholding, a major chunk may be held by institutions which may tender their shares. If the promoters are able to absorb 90 per cent shares from institutions, they will go ahead and delist. Retail investors will then find themselves reduced to the status of minority shareholders in the delisted entity. In such case the investor opts not to surrender his shares, he will be entitled to regular dividends and bonus shares. No check by the regulatory authorities on whether the payment has been made to the shareholders or not in case of compulsory delisting. It does not mention the penalties/ consequences in case of defaulting promoters in making the payment of the fixed fair value to the public shareholders. HOW DO WE HELP? We as professionals ensure that all the compliances with respect convening boards and shareholders meeting as per the Companies act, 2013 and secretarial standard

10 are done. We do liaising with the National Company Law Tribunal, Registrar of Companies, Stock Exchanges and various corporate bodies in order to ensure that the procedure is followed as per the law and there aren t any non-compliances with regards to the process of delisting. CONCLUSIONS: Though the procedure of delisting of equity shares is a tedious one, ways and measures are taken by SEBI by amending the regulations to bring about transparency in delisting of equity shares. SEBI has made overhauling changes since the commencement of delisting regulations, However, from our viewpoint, amendments should be made in order to make the procedure simpler and more public friendly. CONTRIBUTED BY: Ms. Jaya Sharma-Singhania Ms. Shonette Gilroy Misquitta Jaya Sharma and Associates, Practising Company Secretary Firm, Mumbai. BIBLIOGRAPHY: FAQ s on delisting Securities and Exchange Board of India (Delisting of Equity Shares) Regulations,

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 Ministry : Securities and Exchange Board of India Notification No : LAD-NRO/GN/2008-2009/09/165992 Date : 10.06.2009 Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

More information

I. INTRODUCTION. 2015, RHIMRJ, All Rights Reserved Page 1 of 8 ISSN: (Online)

I. INTRODUCTION. 2015, RHIMRJ, All Rights Reserved Page 1 of 8 ISSN: (Online) ISSN: 2349-7637 (Online) RESEARCH HUB International Multidisciplinary Research Journal (RHIMRJ) Research Paper Available online at: www.rhimrj.com Analysis of SEBI Regulations for Delisting of Equity Shares

More information

CIRCULAR. CFD/DIL3/CIR/2017/21 March 10, All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges

CIRCULAR. CFD/DIL3/CIR/2017/21 March 10, All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges CIRCULAR CFD/DIL3/CIR/2017/21 March 10, 2017 All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges Dear Sir/Madam, Sub: Schemes of Arrangement by Listed Entities

More information

Corporate Restructuring, Merger, Demerger

Corporate Restructuring, Merger, Demerger Corporate Restructuring, Merger, Demerger Compromise or Arrangement (Including Merger & Demerger) (Sec. 230-232) Company & company; Company & Liquidator. Company & creditor or class of creditor; Consolidation

More information

MERGERS AND ACQUISITIONS MODULE

MERGERS AND ACQUISITIONS MODULE MERGERS AND ACQUISITIONS MODULE Introduction to Mergers & Acquisitions A. Background B. Types of Re-organization 1. Internal Re-organization 2. External Re-organization C. Stock Swap D. Section 293 (1)

More information

¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ Ã

¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ à CIRCULAR CIR/CFD/CMD/16/2015 November 30, 2015 To All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges Dear Sir/Madam, Sub: Schemes of Arrangement by Listed

More information

SEBI TAKEOVER. SEBI (Substantial Acquisition Of Shares And Takeovers) REGULATIONS, Rohit Banthia Ph M (Delhi)

SEBI TAKEOVER. SEBI (Substantial Acquisition Of Shares And Takeovers) REGULATIONS, Rohit Banthia Ph M (Delhi) SEBI TAKEOVER SEBI (Substantial Acquisition Of Shares And Takeovers) REGULATIONS, 1997 Takeover code - At a Glance Student company Secretary Final In order to promote fairness in the capital market and

More information

PRACTICE QUESTIONS COMPLIANCE OFFICERS (CORPORATES) MODULE. 1) As per the SEBI (ESOS and ESPS) Guidelines 1999, 'ESOS Shares' means (1 mark)

PRACTICE QUESTIONS COMPLIANCE OFFICERS (CORPORATES) MODULE. 1) As per the SEBI (ESOS and ESPS) Guidelines 1999, 'ESOS Shares' means (1 mark) PRACTICE QUESTIONS COMPLIANCE OFFICERS (CORPORATES) MODULE 1) As per the SEBI (ESOS and ESPS) Guidelines 1999, 'ESOS Shares' means. (a) shares arising out of exercise of options granted under ESOS (b)

More information

Sr. No. Norms Heading Norms for Companies which are listed with Recognized Stock Exchanges

Sr. No. Norms Heading Norms for Companies which are listed with Recognized Stock Exchanges Norms for Direct Listing for Companies which are listed with Recognized Stock Exchanges or Nationwide Stock Exchanges with Average Daily Turnover Less than Rs.500 Crores in equity segment during immediate

More information

Sr. No. Norms Heading Norms for companies which have been moved to the Dissemination Board by exiting / De-recognized Regional Stock Exchange

Sr. No. Norms Heading Norms for companies which have been moved to the Dissemination Board by exiting / De-recognized Regional Stock Exchange Norms for Direct Listing of the companies which have been moved to the Dissemination Board of nation-wide Stock Exchange/s and applying for Direct Listing in accordance with SEBI Circular CIR/MRD/DSA/05/2015

More information

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59

VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59 VOLUNTARY LIQUIDATION OF CORPORATE PERSONS SECTION 59 Notification No. IBBI/2016-17/GN/REG010 dated 31st March, 2017 IBBI has notified the Insolvency and Bankruptcy Board of India (Voluntary Liquidation

More information

Decoding the Takeover Code

Decoding the Takeover Code Decoding the Takeover Code [SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997] By Payel Jain Vinod Kothari & Main idea behind the Coding of Takeover Code Some group of individuals

More information

SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997

SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997 SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India

More information

Evolution of Secretarial audit

Evolution of Secretarial audit 1 Evolution of Secretarial audit Until 2000 Securities related Audit (Clause 47C) February 2000 Corporate Governance (Clause 49) Companies (Compliance Certificate) Rules, 2001 (Section 383A) Unlisted companies

More information

COMPANY. I i GAUTAM GANDOTRA. Introduction. SEBl's Delisting Regulations

COMPANY. I i GAUTAM GANDOTRA. Introduction. SEBl's Delisting Regulations COMPANY LAW Going Private Deals GAUTAM GANDOTRA Introduction I I I i.~ J 1. There are times when the promoters of a listed entity do not find it viable to continue to keep their entity listed on the Stock

More information

Indian Depository Receipts

Indian Depository Receipts Historical Background Indian Depository Receipts The world has became global village due to the technology advancement and as a result the Securities Market have become international. Companies that previously

More information

Private Companies, OPC, Small Company, Section 8 Company. Study Course on the Companies Act, June 2014

Private Companies, OPC, Small Company, Section 8 Company. Study Course on the Companies Act, June 2014 Private Companies, OPC, Small Company, Section 8 Company Study Course on the Companies Act, 2013 12 June 2014 1 Contents Background Private Companies One Person Company Small Companies Section 8 Companies

More information

First Notes. SEBI revises the regulatory framework for schemes of arrangements by listed entities. 27 March Background.

First Notes. SEBI revises the regulatory framework for schemes of arrangements by listed entities. 27 March Background. First Notes SEBI revises the regulatory framework for schemes of arrangements by listed entities 27 March 2017 First Notes on Financial reporting Corporate law updates Regulatory and other information

More information

General Instructions for filling up the application forms: 1 If a particular field/detail in the checklist is not applicable, please mention the same

General Instructions for filling up the application forms: 1 If a particular field/detail in the checklist is not applicable, please mention the same General Instructions for filling up the application forms: 1 If a particular field/detail in the checklist is not applicable, please mention the same as 'Not Applicable' 2 In case of schemes which solely

More information

Witnesseth. Page 1 of 24

Witnesseth. Page 1 of 24 Model Listing Agreement for listing of Indian Depository Receipts issued by the issuing companies whose securities market regulator is signatory to the Multilateral Memorandum of Understanding (MMOU) of

More information

Analysis of the Delisting, SAST & Buy Back Regulations

Analysis of the Delisting, SAST & Buy Back Regulations Analysis of the Delisting, SAST & Buy Back Regulations Analysis of the Delisting, SAST & Buy Back Regulations SEBI on March 24, 2015 issued overhauling amendments to the SEBI (Delisting of Equity Shares)

More information

REGULATORY FRAMEWORK GOVERNING INITIAL PUBLIC OFFERINGS IN INDIA

REGULATORY FRAMEWORK GOVERNING INITIAL PUBLIC OFFERINGS IN INDIA CHAPTER 4 REGULATORY FRAMEWORK GOVERNING INITIAL PUBLIC OFFERINGS IN INDIA This chapter presents the regulatory framework governing the issuance of IPOs through public offer, book building and online route.

More information

Financial Restructuring

Financial Restructuring Financial Restructuring ODUCTION Financial restructuring of a company involves Rearrangement of its Financial Structure so as to make the company s finances more balanced. Financial Structure of a company

More information

Law. Corporate Law Take over and acquisition of companies

Law. Corporate Law Take over and acquisition of companies Law Corporate Law Take over and acquisition of companies Q1: E-TEXT Module ID 17: TAKEOVER & ACQUISITION Pre-Requisites: Knowledge of SEBI (SAST) Regulations 2011, 1997 and Companies Act 2013 Learning

More information

Takeover Ordinance 2002 GOVERNMENT OF PAKISTAN MINISTRY OF LAW, JUSTICE, HUMAN RIGHTS AND PARLIAMENTARY AFFAIRS

Takeover Ordinance 2002 GOVERNMENT OF PAKISTAN MINISTRY OF LAW, JUSTICE, HUMAN RIGHTS AND PARLIAMENTARY AFFAIRS Takeover Ordinance 2002 GOVERNMENT OF PAKISTAN MINISTRY OF LAW, JUSTICE, HUMAN RIGHTS AND PARLIAMENTARY AFFAIRS (Law, Justice and Human Rights Division) Islamabad, the 29th October, 2002 F. No. 2(1)/2002-Pub.-

More information

Analysis of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

Analysis of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 1 A R T I C L E Analysis of Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 by Bhavyan Dalal and Yogesh Chande* 2008 and first half of 2009 of Indian securities markets

More information

The SEBI ICDR and Listing Regulations checklists

The SEBI ICDR and Listing Regulations checklists The SEBI ICDR and Listing Regulations checklists February 2018 KPMG.com/in Foreword Introduction Planning for an IPO is like conducting a symphony it has several facets, each intrinsically linked to the

More information

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI

BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI BEFORE THE SECURITIES APPELLATE TRIBUNAL MUMBAI Appeal No.12 of 2009 Date of Decision: 5.8.2009 Hamlet Holding II ApS DISA Holding II A/S DISA Holding A/S DISA Holding AG.. Appellants Versus Securities

More information

SS-4 SECRETARIAL STANDARD ON REPORT OF THE BOARD OF DIRECTORS

SS-4 SECRETARIAL STANDARD ON REPORT OF THE BOARD OF DIRECTORS SS-4 SECRETARIAL STANDARD ON REPORT OF THE BOARD OF DIRECTORS C O N T E N T S iii Pg. No. INTRODUCTION 1 SCOPE 2 DEFINITIONS 2 SECRETARIAL STANDARD 3 PART I: DISCLOSURES 1. COMPANY SPECIFIC INFORMATION

More information

Compliance Calendar Quarter January March, 2019

Compliance Calendar Quarter January March, 2019 Compliance Calendar Quarter January March, 2019 The Quarterly Compliance Calendar provides a useful way to track the compliances to be followed during the period with their respective due dates. It would

More information

- Kay Grace (author of several books on fundraising and business consultant)

- Kay Grace (author of several books on fundraising and business consultant) INTRODUCTION: Capital infusion refers to the process whereby funds are injected into startup companies or large companies by an investor with a financial interest in the company. Capital infusion also

More information

Exposure Draft SECRETARIAL STANDARD DIVIDEND

Exposure Draft SECRETARIAL STANDARD DIVIDEND Exposure Draft SECRETARIAL STANDARD ON DIVIDEND The following is the text of the Secretarial Standard-3 (SS-3) on Dividend, issued by the Council of the Institute of Company Secretaries of India. Adherence

More information

THE GAZETTE OF INDIA EXTRAORDINARY. PART II - SECTION 3 - SUB-SECTION (ii) PUBLISHED BY AUTHORITY NOTIFICATION. MUMBAI, THE 16th DAY OF MAY, 1996

THE GAZETTE OF INDIA EXTRAORDINARY. PART II - SECTION 3 - SUB-SECTION (ii) PUBLISHED BY AUTHORITY NOTIFICATION. MUMBAI, THE 16th DAY OF MAY, 1996 THE GAZETTE OF INDIA EXTRAORDINARY PART II - SECTION 3 - SUB-SECTION (ii) PUBLISHED BY AUTHORITY NOTIFICATION MUMBAI, THE 16th DAY OF MAY, 1996 SECURITIES AND EXCHANGE BOARD OF INDIA (DEPOSITORIES AND

More information

CHAPTER VII PREFERENTIAL ISSUE

CHAPTER VII PREFERENTIAL ISSUE CHAPTER VII PREFERENTIAL ISSUE Chapter VII not to apply in certain cases. 70. (1) The provisions of this Chapter shall not apply where the preferential issue of equity shares is made: (a) pursuant to conversion

More information

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD PART I: ELIGIBILITY REQUIREMENTS Reference date 4. Unless otherwise provided in this Chapter, an issuer making an initial public offer of specified securities

More information

Important provisions of the Companies Act, 2013 Regarding Deposits

Important provisions of the Companies Act, 2013 Regarding Deposits Important provisions of the Companies Act, 2013 Regarding Deposits When we look at the various provisions of deposits in the Companies Act, 2013(CA 2013 or the Act), there is no much difference in the

More information

CA FINAL SEBI ACT 1992 SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 ESTABLISHMENT OF SEBI SEC 3 & 4. HO at Mumbai

CA FINAL SEBI ACT 1992 SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 ESTABLISHMENT OF SEBI SEC 3 & 4. HO at Mumbai SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 ESTABLISHMENT OF SEBI SEC 3 & 4 One Chairman By CG by issuing a notification in the Official Gazette. HO at Mumbai SEBI is a body corporate having perpetual

More information

Declaration of Dividend DIVIDEND

Declaration of Dividend DIVIDEND Declaration of Dividend DIVIDEND Meaning: Dividend means the portion of the profit received by the shareholders from the company's net profit, which is legally available for distribution among the members.

More information

infirm January 09, 2018

infirm January 09, 2018 infirm January 09, 2018 To National Stock Exchange of India Limited Exchange Plaza, Plot No. C/1, Block -G Bandra - Kuria Complex Bandra (East), Mumbai - 400 051 Scrip Symbol: INFINITE BSE Limited Corporate

More information

SEBI Board Meeting. The SEBI Board met in Mumbai today and took the following decisions:

SEBI Board Meeting. The SEBI Board met in Mumbai today and took the following decisions: SEBI Board Meeting PR No.20/2018 The SEBI Board met in Mumbai today and took the following decisions: I. Review of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 The Board has

More information

Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs)

Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs) Compliance Certificate by Practicing Company Secretary (PCS) for listing of Small & Medium Enterprises (SMEs) In recognition of the role of SMEs in economic development of the country, Securities and Exchange

More information

Synopsis. Introduction. IPO Unlisted Companies. PIPEs & QIPs Listed Companies. Issues - Insider Trading and Takeover Regulations.

Synopsis. Introduction. IPO Unlisted Companies. PIPEs & QIPs Listed Companies. Issues - Insider Trading and Takeover Regulations. Public offering of securities India Synopsis Introduction IPO Unlisted Companies General conditions for doing an IPO in India IPO Process Issues PIPEs & QIPs Listed Companies Overview of Investments &

More information

Whether there is ease of doing business for Private Companies under Company Law?

Whether there is ease of doing business for Private Companies under Company Law? Whether there is ease of doing business for Private Companies under Company Law? The Ministry of Corporate Affairs ( MCA ) has exempted private companies from the compliance of certain provisions of Company

More information

SS-3 SECRETARIAL STANDARD ON DIVIDEND

SS-3 SECRETARIAL STANDARD ON DIVIDEND SS-3 SECRETARIAL STANDARD ON DIVIDEND November, 2017 Price : Rs. 50/- (Exluding postage) Issued by : THE INSTITUTE OF COMPANY SECRETARIES OF INDIA ICSI House, 22, Institutional Area, Lodi Road, New Delhi

More information

Amendments to SEBI Delisting and Takeover Regulations

Amendments to SEBI Delisting and Takeover Regulations KPMG FLASH NEWS KPMG in India 14 April 2015 Amendments to SEBI Delisting and Takeover Regulations Background The Securities Exchange Board of India (SEBI) on 24 March 2015 has notified amendments to regulations

More information

MODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION

MODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION MODEL QUESTION PAPER FOR LIMITED INSOLVENCY EXAMINATION 1 When can a bank initiate a corporate insolvency resolution process in relation to a corporate debtor? a) On determination of default by National

More information

5. Enumerate the various penalties which can be imposed under SEBI Act, 1992 for various

5. Enumerate the various penalties which can be imposed under SEBI Act, 1992 for various SL&C Page 1 STUDY I - GENESIS AND DEVELOPMENT OF REGULATORY FRAMEWORK 1. Briefly discuss the evolution, growth and functions of financial system in India. 2. Explain the role of securities market in economic

More information

Private Limited company Compliances and Exemptions. S. Sathiyanarayanan Partner

Private Limited company Compliances and Exemptions. S. Sathiyanarayanan Partner Private Limited company Compliances and Exemptions S. Sathiyanarayanan Partner 1. Private Limited Companies Section 2(68) of Companies, 2013 private company means a company having a minimum paid-up share

More information

Mauritius. Susheela Doobaree, Shan Sonnagee and Fayaz Hajee Abdoula BLC & Associates Ltd. Mergers and Acquisitions 2011/12. M&A activity.

Mauritius. Susheela Doobaree, Shan Sonnagee and Fayaz Hajee Abdoula BLC & Associates Ltd. Mergers and Acquisitions 2011/12. M&A activity. Mauritius Susheela Doobaree, Shan Sonnagee and Fayaz Hajee Abdoula BLC & Associates Ltd www.practicallaw.com/1-506-0234 M&A activity 1. Please give a brief overview of the public M&A market in your jurisdiction.

More information

Rules relating to compromises, arrangements, amalgamations and capital reduction notified

Rules relating to compromises, arrangements, amalgamations and capital reduction notified 16 December 2016 Rules relating to compromises, arrangements, amalgamations and capital reduction notified Background The Ministry of Corporate Affairs (MCA) has issued two notifications viz. Companies

More information

1. Issued and Paid up capital Minimum issued, paid up and listed equity capital Rs 10 crores.

1. Issued and Paid up capital Minimum issued, paid up and listed equity capital Rs 10 crores. Norms for Direct Listing for Companies which are listed with Nationwide Stock Exchanges with Average Daily Turnover Less than Rs.500 Crores in equity segment during immediate previous Financial Year. Applicable

More information

1 Secretarial Audit and Secretarial

1 Secretarial Audit and Secretarial 1 Secretarial Audit and Secretarial Standards - An Overview! Secretarial Audit Concept! Objective, Scope of Secretarial Audit! Benefits and Beneficiaries! Secretarial Audit Process! Professional Responsibilities

More information

Changes in Financial Statements and Auditor s Report. Presentation By CA Anil Sharma

Changes in Financial Statements and Auditor s Report. Presentation By CA Anil Sharma Changes in Financial Statements and Auditor s Report Presentation By CA Anil Sharma Sec 129- Financial Statement The financial statement shall : be in the form in Schedule III and comply with the accounting

More information

OIL AND NATURAL GAS CORPORATION LIMITED COMPANY SECRETARIAT

OIL AND NATURAL GAS CORPORATION LIMITED COMPANY SECRETARIAT C OIL AND NATURAL GAS CORPORATION LIMITED COMPANY SECRETARIAT ONGC/CS/SE/2018 National Stock Exchange of India Ltd. Listing Department Exchange Plaza Bandra-Kurla Complex Bandra (E) Mumbai - 400 051 Symbol-ONGC;

More information

Consultants Pvt. Ltd.

Consultants Pvt. Ltd. THE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, OCTOBER 8, 2013 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 8 th October, 2013 SECURITIES AND

More information

A company may engage in the following types of share repurchase:-

A company may engage in the following types of share repurchase:- 1. Methods of share repurchase A company may engage in the following types of share repurchase:- (a) an on-market share repurchase; (b) an off-market share repurchase approved in accordance with Rule 2;

More information

LIMITED LIABILITY PARTNERSHIPS. By CA Mayur Makadia

LIMITED LIABILITY PARTNERSHIPS. By CA Mayur Makadia LIMITED LIABILITY PARTNERSHIPS By CA Mayur Makadia 1 Introduction & History 2 Recommendations of the Naresh Chandra Committee LLP Bill of 2006 introduced in Rajya Sabha on 15.12.2006 and referred to Parliamentary

More information

Constitution. Ardent Leisure Group Limited ACN A public company limited by shares

Constitution. Ardent Leisure Group Limited ACN A public company limited by shares Constitution Ardent Leisure Group Limited ACN 628 881 603 A public company limited by shares Contents Page 1 Dictionary 1 2 Share capital 1 2.1 Shares 1 2.2 Certificates and Holding Statements 1 2.3 Preference

More information

GROWTH AND REGULATION OF IPO MARKET IN INDIA

GROWTH AND REGULATION OF IPO MARKET IN INDIA CHAPTER 2 GROWTH AND REGULATION OF IPO MARKET IN INDIA An Initial Public Offering (IPO) is a significant juncture in the evolution of a public company. It is a route of resource mobilization that provides

More information

INVESTOR GRIEVANCE REDRESSAL POLICY

INVESTOR GRIEVANCE REDRESSAL POLICY INVESTOR GRIEVANCE REDRESSAL POLICY TITLE This Policy shall be called Investor Grievance Redressal Policy. PREAMBLE AND OBJECTIVE a. This Policy is formulated to provide efficient services to the investors

More information

CL&G:2016 February 18, Sub: Comments on the Companies (Incorporation) Second Amendment Rules, 2016

CL&G:2016 February 18, Sub: Comments on the Companies (Incorporation) Second Amendment Rules, 2016 CL&G:2016 February 18, 2016 Dear Professional Colleagues, Sub: Comments on the Companies (Incorporation) Second Amendment Rules, 2016 The Ministry of Corporate Affairs has placed the draft Companies (Incorporation)

More information

Private Placement of Shares. Companies Act, 2013 (As amended by Companies Act, 2017 & Rules framed thereunder)

Private Placement of Shares. Companies Act, 2013 (As amended by Companies Act, 2017 & Rules framed thereunder) Private Placement of Shares Companies Act, 2013 (As amended by Companies Act, 2017 & Rules framed thereunder) CONTENTS EVOLUTION OF PRIVATE PLACEMENT WHAT IS PRIVATE PLACEMENT? HOW IS IT DIFFERENT FROM

More information

[ To Be Published in the Gazette of India Extra ordinary, Part II, Section 3, Sub-section (i)]

[ To Be Published in the Gazette of India Extra ordinary, Part II, Section 3, Sub-section (i)] [ To Be Published in the Gazette of India Extra ordinary, Part II, Section 3, Sub-section (i)] Ministry of Corporate Affairs Notification New Delhi, Dated 2014 GSR. (E). No. In exercise of powers conferred

More information

(1) These rules may be called the Companies (Share Capital and Debentures) Rules, 2014.

(1) These rules may be called the Companies (Share Capital and Debentures) Rules, 2014. 1 Chapter 4 [To be Published in the Gazette of India, Extraordinary, Part II, Section 3, Sub- Section (i)] Government of India Ministry of Corporate Affairs NOTIFICATION New Delhi, dated.. G.S.R -- In

More information

Postal Ballot Notice [Pursuant to Section 110 of the Companies Act, 2013, read with the Companies (Management and Administration) Rules, 2014]

Postal Ballot Notice [Pursuant to Section 110 of the Companies Act, 2013, read with the Companies (Management and Administration) Rules, 2014] NOVOPAN INDUSTRIES LIMITED Registered Office: IDA, Phase-II, Patancheru, Medak District, Telangana - 502319 Phone : 040-27902663, Fax : 040-27902665, Website: www.novopan.in Email: investor@novopan.in,

More information

SECURITIES AND EXCHANGE BOARD OF INDIA (STOCK-BROKERS AND SUB-BROKERS) REGULATIONS, 1992 CONTENTS

SECURITIES AND EXCHANGE BOARD OF INDIA (STOCK-BROKERS AND SUB-BROKERS) REGULATIONS, 1992 CONTENTS SECURITIES AND EXCHANGE BOARD OF INDIA (STOCK-BROKERS AND SUB-BROKERS) REGULATIONS, 1992 CONTENTS CHAPTER I: PRELIMINARY 1. Short title and commencement 2. Definitions CHAPTER II: REGISTRATION OF STOCK

More information

Companies Act Comparing the old and the new

Companies Act Comparing the old and the new Companies Act Comparing the old and the new The Department of Trade and Indus try indicated that the Companies Act will be implemented from 1 May 2011. In order to assist with the preparation for the implementation

More information

Countdown to Companies Act, 2013

Countdown to Companies Act, 2013 www.pwc.in Countdown to Companies Act, 2013 Impact on Transactions and Corporate restructuring August 2013 Preface The wait is finally over The Companies Bill, 2012 is just a step away from becoming an

More information

PART-II. Statutory Notifications (S.R.O.) Government of Pakistan SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION

PART-II. Statutory Notifications (S.R.O.) Government of Pakistan SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION PART-II Statutory Notifications (S.R.O.) Government of Pakistan SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION Islamabad, the 1 st July, 2015 S.R.O. 636 (I)/2015. In exercise of the powers

More information

Amendments for Nov 2016:

Amendments for Nov 2016: Amendments for Nov 2016: Companies Act, 2013. Amendment 1: (Medium Amendment) Effective date of applicability of Sec 143(12) & 177(4)(iv) proviso. The CG has notified that following provisions of sec 13

More information

Due Diligence and Corporate Compliance Management 377

Due Diligence and Corporate Compliance Management 377 Due Diligence and Corporate Compliance Management : 1 : RollNo... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 5 NOTE : Answer SIX questions

More information

Statutory and Compliance Manual

Statutory and Compliance Manual Statutory and Compliance Manual Table of Contents Table of Contents 1. INTRODUCTION....3 2. 1. THE INTRODUCTION CORPORATE....3 AFFAIRS COMMISSION...4 Pre-incorporation 2. THE CORPORATE Returns...5 AFFAIRS

More information

NISM Series IX: Merchant Banking Certification Examination. Test Objectives

NISM Series IX: Merchant Banking Certification Examination. Test Objectives NISM Series IX: Merchant Banking Certification Examination Test Objectives Chapter 1: Introduction to the Capital Market 1.1 Introduction to the Indian Capital Market 1.1.1 Explain the Capital market structure

More information

IBC Opportunities for CMAs in. 76 The Management Accountant l

IBC Opportunities for CMAs in. 76 The Management Accountant l Opportunities for CMAs in The Insolvency and Bankruptcy Code 2016 which has been notified by the Government on 28 th May 2016 is the biggest economic reform next to GST. Before this Code, there was no

More information

DEMATERIALISATION / REMATERIALISATION OF SHARES

DEMATERIALISATION / REMATERIALISATION OF SHARES FAQs DEMATERIALISATION / REMATERIALISATION OF SHARES DIVIDEND NOMINATION FACILITY TRANSFER /TRANSMISSION/TRANSPOSITION ETC. OF SHARES. LOSS OF SHARE CERTIFICATES MISCELLANEOUS DEMATERIALISATION / REMATERIALISATION

More information

[ADJUDICATION ORDER NO. PKB/AO 37/2011]

[ADJUDICATION ORDER NO. PKB/AO 37/2011] BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA [ADJUDICATION ORDER NO. PKB/AO 37/2011] UNDER SECTION 15-I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF

More information

Constitution. BAPCOR Limited ACN A public company limited by shares. Adopted on 4 February 2014, as amended on 4 July 2016.

Constitution. BAPCOR Limited ACN A public company limited by shares. Adopted on 4 February 2014, as amended on 4 July 2016. Constitution BAPCOR Limited ACN 153 199 912 A public company limited by shares Adopted on 4 February 2014, as amended on 4 July 2016. www.gtlaw.com.au Contents Page 1 Dictionary 1 2 Share capital 1 2.1

More information

SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISTION OF SHARES AND TAKEOVERS) REGULATIONS, 1997

SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISTION OF SHARES AND TAKEOVERS) REGULATIONS, 1997 THE GAZETTE OF INDIA EXTRAORDINARY PART II SECTION 3 SUB-SECTION (ii) PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION 20TH FEBRUARY 1997 BOMBAY SECURITIES AND EXCHANGE BOARD

More information

NEW SYLLABUS 333 : 1 : Roll No. Time allowed : 3 hours Maximum marks : 100. Total number of questions : 6 Total number of printed pages : 7

NEW SYLLABUS 333 : 1 : Roll No. Time allowed : 3 hours Maximum marks : 100. Total number of questions : 6 Total number of printed pages : 7 Roll No : 1 : NEW SYLLABUS Time allowed : 3 hours Maximum marks : 100 Total number of questions : 6 Total number of printed pages : 7 NOTE : 1. Answer ALL Questions. 2. All references to sections relate

More information

Annexure- A. Questionnaire for Investors

Annexure- A. Questionnaire for Investors Annexure- A Questionnaire for Investors Tick [ ] wherever applicable A. PERSONAL DETAILS Name (Optional). Address... City:.Dist.:..State:... Phone: Mobile.Email:. Occupation: [ ] Student [ ] Shopkeeper

More information

Securities and Exchange Board of India ( Alternative Investment Funds ) Regulations,2012

Securities and Exchange Board of India ( Alternative Investment Funds ) Regulations,2012 Securities and Exchange Board of India ( Alternative Investment Funds ) Regulations,2012 Preliminary Short Title and Commencement 1. (1) These Regulation shall be called the Securities And Exchange Board

More information

Foreign Contribution (Regulation) Rules, 2011

Foreign Contribution (Regulation) Rules, 2011 Foreign Contribution (Regulation) Rules, 2011 NOTIFICATION NO. G.S.R. 349(E), DATED 29-4-2011 In exercise of the powers conferred by section 48 of the Foreign Contribution (Regulation) Act, 2010 (42 of

More information

Chapter XII. Meetings of Board and its Powers. (Sections ) read with. The Companies (Meetings of Board and its Powers) Rules, 2014

Chapter XII. Meetings of Board and its Powers. (Sections ) read with. The Companies (Meetings of Board and its Powers) Rules, 2014 Chapter XII Meetings of Board and its Powers (Sections 173 195) read with The Companies (Meetings of Board and its Powers) Rules, 2014 Sections applicable from September 12, 2013: Sections 176, 180 to

More information

Constitution of Treasury Wine Estates Limited ACN Corrs Chambers Westgarth=

Constitution of Treasury Wine Estates Limited ACN Corrs Chambers Westgarth= Constitution of Treasury Wine Estates Limited ACN 004 373 862 Corrs Chambers Westgarth= Contents 1 Name of Corporation 1 2 Status of the Constitution 1 2.1 Constitution of the Company 1 2.2 Replaceable

More information

Glossary: S.No. Particulars. 1 Applicable ICDR Regulations. 2 SEBI Chapter XB regulations. 3 Eligibility Norms (BSE & NSE) 4 Key features of Listing

Glossary: S.No. Particulars. 1 Applicable ICDR Regulations. 2 SEBI Chapter XB regulations. 3 Eligibility Norms (BSE & NSE) 4 Key features of Listing Glossary: S.No. Particulars 1 Applicable ICDR Regulations 2 SEBI Chapter XB regulations 3 Eligibility Norms (BSE & NSE) 4 Key features of Listing 5 Flow Chart 6 Roadmap at Macro Level 7 Practical difficulties

More information

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000]

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000] SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000] Payel Jain Academy of Financial Services Pvt. Ltd PUBLIC OFFER-

More information

i) Promote good and fair banking practices by setting minimum standards in all dealings with the clients;

i) Promote good and fair banking practices by setting minimum standards in all dealings with the clients; Client Rights Policy Standard Chartered Bank (SCB) believes that protection of client interests is an integral aspect of financial inclusion and to substantiate that, the following comprehensive Client

More information

23 rd Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...

23 rd Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community... Experience Next Generation Banking To kindle interest in economic affairs... To empower the student community... Open YAccess www.sib.co.in ho2099@sib.co.in A monthly publication from South Indian Bank

More information

INITIAL PUBLIC OFFERINGS (IPOs) REGULATIONS & PROCESS

INITIAL PUBLIC OFFERINGS (IPOs) REGULATIONS & PROCESS INITIAL PUBLIC OFFERINGS (IPOs) REGULATIONS & PROCESS Options for Raising Funds Fund Raising Options Debt Equity Hybrid In India From Banks & FIs Public issue of Bonds/Debentures IPO FPO Rights Issue Various

More information

COMPENSATION POLICY BANK OF BARODA. Approved by the Board Dated vide agenda No.O-1. Operations & Services. HO Baroda.

COMPENSATION POLICY BANK OF BARODA. Approved by the Board Dated vide agenda No.O-1. Operations & Services. HO Baroda. COMPENSATION POLICY Approved by the Board Dated 21.12.2016 vide agenda No.O-1 Operations & Services HO Baroda Page 1 of 11 COMPENSATION POLICY Introduction Technological progress in payment and settlement

More information

EXPOSURE DRAFTS OF SECRETARIAL STANDARDS ON DIVIDEND AND REPORT OF THE BOARD OF DIRECTORS FOR PUBLIC COMMENTS

EXPOSURE DRAFTS OF SECRETARIAL STANDARDS ON DIVIDEND AND REPORT OF THE BOARD OF DIRECTORS FOR PUBLIC COMMENTS EXPOSURE DRAFTS OF SECRETARIAL STANDARDS ON DIVIDEND AND REPORT OF THE BOARD OF DIRECTORS FOR PUBLIC COMMENTS (Last Date for comments: December 25, 2016) The Secretarial Standards Board (SSB) of the Institute

More information

LETTER OF OFFER THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

LETTER OF OFFER THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION LETTER OF OFFER THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This letter of offer ( Letter of Offer or LoF ) is sent to you as a Public Shareholder (as defined below) of Olectra Greentech

More information

COMPLIANCES UNDER SEBI LISTING REGULATIONS, 2015

COMPLIANCES UNDER SEBI LISTING REGULATIONS, 2015 COMPLIANCES UNDER SEBI LISTING REGULATIONS, 2015 S.SUDHAKAR VICE-PRESIDENT CORPORATE SECRETARIAL RELIANCE INDUSTRIES LIMITED 1 Disclaimer VIEWS EXPRESSED ARE OF MY OWN AS A PROFESSIONAL AND NOT OF THE

More information

DOHA BANK INDIA OPERATIONS COMPENSATION POLICY

DOHA BANK INDIA OPERATIONS COMPENSATION POLICY DOHA BANK INDIA OPERATIONS COMPENSATION POLICY Page 1 Compensation Policy 1. Introduction Technological progress in payment and settlement systems and the qualitative changes in operational systems and

More information

CA Mehul Shah B. Com, F.C.A., DISA (ICAI).

CA Mehul Shah B. Com, F.C.A., DISA (ICAI). Management and Administration provisions under the Companies Act 2013 CA Mehul Shah B. Com, F.C.A., DISA (ICAI). # : 2510 0861; 2510 9990 Email : mehulshah@shah3ca.com Agenda Management and Administration

More information

CS HARSHITA SAXENA. (COMPANY SECRETARY IN WHOLE-TIME PRACTICE) Exemptions to IFSC Companies under Companies Act, 2013

CS HARSHITA SAXENA. (COMPANY SECRETARY IN WHOLE-TIME PRACTICE) Exemptions to IFSC Companies under Companies Act, 2013 CS HARSHITA SAXENA (COMPANY SECRETARY IN WHOLE-TIME PRACTICE) cs.corporatesalahkar@gmail.com (ACS, B.COM) Exemptions to IFSC Companies under Companies Act, 2013 *************** Meaning: - An IFSC (International

More information

Foreign Contribution Regulation Rules, 2011

Foreign Contribution Regulation Rules, 2011 Foreign Contribution Regulation Rules, 2011 1. Short title and commencement (1) These rules may be called the Foreign Contribution (Regulation) Rules, 2011. (2) They shall come into force on the date on

More information

DRAFT LETTER OF OFFER

DRAFT LETTER OF OFFER DRAFT LETTER OF OFFER THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION This Draft Letter of Offer is being sent to you as a registered Equity Shareholder(s) of Vyapar Industries Limited,

More information

EXECUTIVE PROGRAMME UPDATES FOR CAPITAL MARKETS AND SECURITIES LAWS MODULE 2- PAPER 6

EXECUTIVE PROGRAMME UPDATES FOR CAPITAL MARKETS AND SECURITIES LAWS MODULE 2- PAPER 6 EXECUTIVE PROGRAMME UPDATES FOR CAPITAL MARKETS AND SECURITIES LAWS (Relevant for students appearing in December, 2016 examination) MODULE 2- PAPER 6 Disclaimer- This document has been prepared purely

More information

LAW. CORPORATE LAW Alteration of capital and its implications

LAW. CORPORATE LAW Alteration of capital and its implications LAW CORPORATE LAW Alteration of capital and its implications Q1: E-TEXT Module ID 6:Alteration of capital and its implications Module Overview: A company may alter its share capital depending upon its

More information