The Securities and Exchange Board of India (SEBI) notified the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021 which seeks to amend SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In Schedule III, in Part A, under point A, in clause 16, the existing sub-clause (l) shall be substituted with Specific features and details of the resolution plan as approved by the Adjudicating Authority under the Insolvency Code, not involving commercial secrets, including details such as Pre and Post net-worth of the company; Details of assets of the company post CIRP; Details of securities continuing to be imposed on the companies’ assets; Other material liabilities imposed on the company; Detailed pre and post shareholding pattern assuming 100% conversion of convertible securities; Details of funds infused in the company, creditors paid-off; Additional liability on the incoming investors due to the transaction, source of such funding etc.; Impact on the investor revised P/E, RONW ratios etc.; Names of the new promoters, key managerial persons(s), if any and their past experience in the business or employment. In cases where promoters are companies, history of such companies and names of natural persons in control; and Brief description of business strategy.
In Schedule III, in Part A under point A, in clause 16, after the existing sub-clause (m), the new sub-clauses shall be inserted, namely, Proposed steps to be taken by the incoming investor/acquirer for achieving the MPS; Quarterly disclosure of the status of achieving the MPS; and the details as to the delisting plans, if any approved in the resolution plan.
The notification will come into force from 8th January, 2021
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