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Sujjain Talwar

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Latest Articles By Sujjain Talwar

Approval of Schemes of Listed Companies: Independent Directors, Not a Sign-Post but a Check-Post

The securities market regulator, SEBI, has recently issued a Circular (No. SEBI/HO/CFD/DIL1/CIR/P/2020/215 dated November 3, 2020) (Circular) introducing a series of changes in the approval mechanism of schemes of arrangement /amalgamation /merger /reconstruction /reduction of capital etc. (Scheme) involving listed companies. As per the new Circular, for stock exchanges to refer draft Schemes to SEBI, they need to be fully convinced that the listed entity is in compliance with SEBI Act, 1992, rules, regulations and circulars issued thereunder.

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