Schemes of Arrangement by Listed Entities and (ii) Relaxation under Subrule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957
Amendment to Circular dated March 10, 2017 (‘the circular’)
Insertion of Para 11 Following para shall be inserted after Para 10. UNPAID DUES REPORT
a. All listed entities shall ensure that all dues to, and/or fines/penalties imposed by SEBI, Stock Exchanges and the Depositories have been paid/settled before filing the draft scheme with the designated stock exchange.
b. In case of unpaid dues / fines / penalties, the listed entity shall submit to stock exchanges a ‘Report on the Unpaid Dues’ which shall contain the details of such unpaid dues in the format given, prior to obtaining Observation Letter from stock exchanges on the draft scheme.
c. The report on unpaid dues as mentioned above, shall be submitted by listed entity to the stock exchanges along with the draft scheme.
Any misstatement or furnishing of false information with regard to the said information shall make the listed entity liable for punitive action as per the provisions of applicable laws and regulations.
Amendment to Para I B
The ‘Unpaid Dues Report’ shall be forwarded by the Stock Exchanges to SEBI before SEBI communicates its comments on the Draft Scheme to the Stock Exchanges.
FORMAT FOR REPORT ON UNPAID DUES
Sr No | Particulars | Details of dues/ fine | Amount | Reasons for non –payment |
1 | Pending Dues of SEBI | |||
2 | Pending Dues of Stock Exchanges | |||
3 | Pending Dues of Depositories |