IBC | Legislative Alert | SEBI amends its regulations to provide for exemptions vis-a-vis resolution plans
IBC | Legislative Alert | SEBI amends its regulations to provide for exemptions vis-a-vis resolution plans The Securities and Exchange Board of India (SEBI) has amended the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Code), SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR) and SEBI (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations), to provide for exemptions (as provided below) to resolution plans (Approved Resolution Plan) approved under section 31 of the Insolvency and Bankruptcy Code, 2016 (Code), with effect from 31 May 2018: 1. Takeover Code – Acquisitions to take shareholding beyond maximum permissible non-public shareholding Under the Takeover Code, there is an embargo for acquirers (holding shares between 25% to maximum permissible non-public shareholding) to not acquire or enter into an agreement to acquire shares or voting rights exceeding such Tandoor Manufacturer number of shares...