The Ministry of Corporate Affairs on February 19th has notified the amendments to the Companies (Specification of definitions details) Rules, 2014.
As per the new amendment,the following classes of companies shall not be considered as listed companies:-
- Public companies which have not listed their equity shares on a recognized stock exchange but have listed their non-convertible debt securities issued on a private placement basis in terms of SEBI (Issue and Listing of Debt Securities) Regulations, 2008; or public companies which have not listed their equity shares on a recognized stock exchange but have listed their non-convertible redeemable preference shares issued on private placement basis in terms of SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013or both categories.
- Private companies which have listed their non-convertible debt securities on a private placement basis on a recognized stock exchange in terms of SEBI (Issue and Listing of Debt Securities) Regulations, 2008.
- Public companies which have not listed their equity shares on a recognized stock exchange but whose equity shares are listed on a stock exchange in a jurisdiction as specified in sub-section (3) of section 23 of the Act.
These amendments are stated to come into effect from April 1, 2021.
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