Date: 2021-01-08Category: Extra OrdinaryState: Union GovernmentCountry: India
Board hereby makes the following regulations to further amend the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements
## Report on the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Amendment Regulations, 2021, as published in the Gazette of India on January 8, 2021. This amendment modifies the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015, focusing on enhanced disclosure requirements related to resolution plans approved under the Insolvency Code. The key finding is the emphasis on greater transparency regarding the specifics of resolution plans, particularly concerning the financial status, shareholding patterns, and strategic direction of companies emerging from the Corporate Insolvency Resolution Process (CIRP).
**2. Introduction:**
The purpose of this report is to provide an informative overview of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Amendment Regulations, 2021, based solely on the text provided. The report aims to clarify the changes introduced by this amendment and their potential implications for listed companies and investors.
**3. Policy Overview:**
* **Original Policy Being Amended:** Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.
* **Core Objective(s) as Inferred from the Text:** The amendment's objective is to enhance transparency and provide more detailed information to investors regarding the impact of resolution plans approved under the Insolvency Code on listed companies.
**4. Background and Rationale:**
The amendment likely stems from a need for more comprehensive disclosure regarding the financial restructuring and strategic changes that occur during and after the Corporate Insolvency Resolution Process (CIRP). The original regulations may have lacked sufficient detail in these areas, prompting SEBI to mandate additional disclosures to ensure investors are better informed about the post-CIRP status of listed companies. The text specifically focuses on providing clarity around changes in net worth, asset details, shareholding patterns, liabilities, and business strategy.
**5. Key Provisions / Changes:**
This amendment specifically modifies Schedule III, Part A, clause 16 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The changes are as follows:
* **Part of Original Policy Changed:** Schedule III, Part A, clause 16. Subclause (l) is substituted, and new subclauses (n), (o) and (p) are inserted.
* **New Rule/Provision:**
* Subclause (l) is substituted, requiring 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:
* i Pre and Post networth of the company;
* ii Details of assets of the company post CIRP;
* iii Details of securities continuing to be imposed on the companies assets;
* iv Other material liabilities imposed on the company;
* v Detailed pre and post shareholding pattern assuming 100 conversion of convertible securities;
* vi Details of funds infused in the company, creditors paidoff;
* vii Additional liability on the incoming investors due to the transaction, source of such funding etc.;
* viii Impact on the investor revised PE, RONW ratios etc.;
* ix Names of the new promoters, key managerial personss, if any and their past experience in the business or employment. In case where promoters are companies, history of such company and names of natural persons in control;
* x Brief description of business strategy.
* Subclause (n) requires proposed steps to be taken by the incoming investoracquirer for achieving the Minimum Public Shareholding (MPS).
* Subclause (o) mandates quarterly disclosure of the status of achieving the MPS.
* Subclause (p) requires the details as to the delisting plans, if any approved in the resolution plan.
* **Difference/Effect of the Change:** These changes significantly expand the disclosure requirements for companies undergoing CIRP. The substituted subclause (l) demands granular details on the financial restructuring, liability allocation, and leadership changes, impacting investor awareness. The added subclauses (n), (o), and (p) focus on post-resolution compliance with MPS rules and delisting plans, if any, enabling investor monitoring of compliance and strategic direction.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders directly affected by these changes include:
* Listed companies undergoing or emerging from the Corporate Insolvency Resolution Process (CIRP).
* Incoming investors/acquirers involved in resolution plans.
* Existing shareholders and potential investors in companies undergoing CIRP.
* Securities and Exchange Board of India (SEBI).
* Adjudicating Authority under the Insolvency Code.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** Securities and Exchange Board of India (SEBI) is the regulatory body responsible for enforcing these regulations.
* **Timelines/Procedures:** The amendment comes into force on the date of its publication in the Official Gazette (January 8, 2021). The new subclause (o) mandates quarterly disclosure of the status of achieving the MPS, indicating a periodic reporting requirement. Other procedures are not explicitly stated within the text, but it can be inferred that companies emerging from CIRP will need to compile and disclose the information outlined in the amended regulations as part of their listing obligations.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these changes are:
* **Increased Transparency:** Investors will have access to more detailed information about the financial health, shareholding structure, and strategic direction of companies emerging from CIRP, leading to better-informed investment decisions.
* **Improved Investor Confidence:** Greater transparency can enhance investor confidence in the resolution process and the post-CIRP viability of listed companies.
* **Enhanced Monitoring of MPS Compliance:** The quarterly disclosure requirement will enable SEBI and investors to monitor the progress of incoming investors/acquirers in achieving the Minimum Public Shareholding (MPS).
* **Clarity on Delisting Plans:** The disclosure of delisting plans, if any, will provide clarity to investors regarding the long-term strategy of the company post-resolution.
**9. Conclusion:**
The Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Amendment Regulations, 2021, represents a significant step towards enhancing transparency and investor protection in the context of Corporate Insolvency Resolution Process (CIRP). By mandating more detailed disclosures regarding resolution plans, shareholding patterns, and business strategies, SEBI aims to provide investors with the information necessary to make informed decisions and monitor the progress of companies emerging from insolvency. The amendment will likely have a positive impact on investor confidence and promote greater accountability in the CIRP process.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body responsible for securities market regulation in India.
Securities and Exchange Board of India Act, 1992: The act of the parliament of India that gave statutory powers to Securities and Exchange Board of India to regulate, control and develop the securities market in India
Securities Contracts Regulation Act, 1956: Act to prevent undesirable transactions in securities by regulating the business of dealing therein, by providing for certain other matters connected therewith and incidental thereto.
Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015: Regulations pertaining to listing obligations and disclosure requirements for companies listed on Indian stock exchanges.
Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Amendment Regulations, 2021: Amendment regulations to the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.
Mumbai: City in Maharashtra, India; location of the Securities and Exchange Board of India.
Official Gazette: A publication for official notifications.
Insolvency Code: Refers to the Insolvency and Bankruptcy Code of India.
Adjudicating Authority: Authority that approves resolution plans under the Insolvency Code.
Ring Road, Mayapuri, New Delhi: Address of the Government of India Press
Delhi: Location of Controller of Publications
Ajay Tyagi: Chairman of the Securities and Exchange Board of India.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-एम.एxचxx.G-अID.-E0x8xx0 12021-224288
CG-MH-E-08012021-224288
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 06] नई ददल्ली, िुक्रिार, जनिरी 8, 2021/ पौष 18, 1942
No. 06] NEW DELHI, FRIDAY, JANUARY 8, 2021/PAUSHA 18, 1942
भारतीय प्रजतभजू त और जिजनमय बोडड
अजधसचू ना
मुम्बई, 8 जनिरी, 2021
भारतीय प्रजतभजू त और जिजनमय बोडड
[सचू ीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपक्षे ाए]ँ (सिं ोधन) जिजनयम, 2021
स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन/2021/02.— बोडड, प्रजतभूजत संजिदा (जिजनयमन) अजधजनयम, 1956
(1956 का 42) की धारा 31 के साथ पठठत भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम, 1992 (1992 का 15) की
धारा 11, धारा 11क की उप-धारा (2) तथा धारा 30 द्वारा प्रदत्त िजियों का प्रयोग करते हुए, एतद्द्वारा भारतीय
प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताए ँ और प्रकटीकरण अपेक्षाए]ँ जिजनयम, 2015 का और
संिोधन करन े के जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथाडत:् -
1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताए ँ और प्रकटीकरण अपेक्षाए]ँ
(संिोधन) जिजनयम, 2021 कहा जा सकेगा ।
2. िे राजपत्र म ेंउनके प्रकािन की तारीख को प्रिृत्त (लागू) होंगे ।
3. भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपेक्षाए]ँ जिजनयम, 2015 म,ें -
I. अनसु ूची-III में, भाग-क में, -
121 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
क. मद क म,ें खडं 16 में, मौजूदा उप-खंड (ठ) जनम्नजलजखत से प्रजतस्ट्थाजपत हो जाएगा, अथाडत्, -
“ठ) जजस समाधान योजना (रेजोल्यूिन प्लान) की मंजूरी ददिाला संजहता (इन्सॉल्िेन्सी कोड) के तहत
न्यायजनणाडयक प्राजधकारी (अड्जजू डकेटटग अथॉठरटी) द्वारा दी गई हो, उसकी मुख्य बात ें और उसके
ब्यौरे (जजनम ेंव्यिसाय संबंधी गोपनीय जानकारी िाजमल नहीं ह)ै , जजनमें य ेब्यौरे भी िाजमल होंग:े
(i) कंपनी की पहले की और बाद की िुद्ध-माजलयत (नेटिथड);
(ii) सीआईआरपी के बाद कंपनी की आजस्ट्तयों (असट्े स) के ब्यौरे;
(iii) कंपजनयों की आजस्ट्तयों (असट्े स) पर जो जमानत (जसक्यूठरटीज) जारी रहगें ी, उनके
ब्यौरे;
(iv) कंपनी पर अन्य महत्त्िपूण ड दाजयत्ि;
(v) पहले का और बाद का ब्यौरेिार िेयरधाठरता स्ट्िरूप (िये रहोस्ल्डग पैटनड), यह
मानते हुए दक संपठरितडनीय प्रजतभूजतयों (कन्िर्टटबल जसक्यूठरटीज) का 100%
संपठरितडन (कन्िजडन) हो चुका ह;ै
(vi) कंपनी म ें लगाए गए पैसों (फंड), लेनदारों को दकए गए भगु तान के ब्यौरे;
(vii) लेनदने (रांजैक्िन) की िजह से आने िाले नए जनिेिकों पर अजतठरि दाजयत्ि, इस
प्रकार की गई फंस्डग के स्रोत आदद;
(viii) जनिेिकों पर पड़ने िाला असर – संिोजधत पी/ई, आर.ओ.एन.डब्ल्य.ू अनुपात,
आदद;
(ix) नए संप्रितडकों (प्रोमोटसड), प्रबधं -मंडल (मनै ेजमेंट) के मख्ु य व्यजि (व्यजियों), यदद
कोई हो (हों), के नाम और पहले िे जो कारोबार या कायड करते थे उससे जुड़ा
जपछला अनुभि । जहा ँ संप्रितकड (प्रोमोटसड) कंपजनया ँ हों, िहाँ ऐसी कंपनी का परू ा
जपछला ठरकॉडड और जनयंत्रण रखने िाले प्रकृत व्यजियों (नैचुरल पसडन) के नाम;
(x) कारबार नीजत (जबजनेस स्ट्रेटेजी) का संजक्षप्त जििरण ।”
ख. मद क म,ें खंड 16 में, मौजूदा उप-खंड (ड) के पश्चात,् जनम्नजलजखत नए उप-खंड अंत:स्ट्थाजपत दकए जाएँगे,
अथाडत,् -
“ढ) आन े िाले नए जनिेिक / अजडनकता ड (एक्वायरर) द्वारा न्यनू तम सािडजजनक िेयरधाठरता (एमपीएस)
संबंधी अपेक्षा परू ी करने के जलए उठाए जाने िाले प्रस्ट्ताजित कदम;
ण) न्यनू तम सािडजजनक िेयरधाठरता (एमपीएस) संबंधी अपेक्षा पूरी करन े की जस्ट्थजत के संबंध में
जतमाही प्रकटीकरण (जडस्ट्क्लोजर);
त) यदद समाधान योजना (रेजोल्यूिन प्लान) म ें असूचीबद्धता (डीजलस्स्ट्टग) स े संबंजधत दकसी योजना
को मंजूरी जमली हो, तो उसके ब्यौरे ।
अजय त्यागी, अध्यक्ष
[जिज्ञापन III/4/असा./442/2020-21]
पाद ठटप्पण :[भाग III—खण् ड 4] भारत का राजपत्र : असाधारण 3
1. भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] जिजनयम, 2015,
स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/013,2 जसतम्बर 2015 को भारत के राजपत्र में प्रकाजित हुए थे ।
2. भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] जिजनयम, 2015
तत्पश्चात् :
क) 22 ददसम्बर, 2015 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (संिोधन) जिजनयम, 2015, अजधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/027, द्वारा
ख) 25 मई, 2016 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ]
(संिोधन) जिजनयम, 2016, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/001, द्वारा
ग) 8 जुलाई, 2016 को भारतीय प्रजतभूजत और जिजनमय बोडड [सचू ीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (दसू रा संिोधन) जिजनयम, 2016, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/008,
द्वारा
घ) 4 जनिरी, 2017 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (तीसरा संिोधन) जिजनयम, 2016, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/025,
द्वारा
ङ) 15 फरिरी, 2017 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (संिोधन) जिजनयम, 2017, अजधसूचना स.ं सेबी/एल.ए.डी./एन.आर.ओ./ जी.एन./2016-17/29, द्वारा
च) 6 माच,ड 2017 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का भुगतान और भुगतान का माध्यम) (संिोधन)
जिजनयम, 2017, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/037 [तारीख 29 माचड, 2017 को
अजधसूजचत भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का भुगतान और भुगतान का माध्यम) (संिोधन) जिजनयम,
2017, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/038 के साथ पठठत], द्वारा
छ) 9 मई, 2018 को भारतीय प्रजतभजू त और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ]
(संिोधन) जिजनयम, 2018, अजधसूचना सं. एसईबीआई/एलएडी-एनआरओ/जीएन/2018/10, द्वारा
ज) 30 मई, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ]
(दसू रा संिोधन) जिजनयम, 2018, अजधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/13, द्वारा
झ) 1 जून, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ]
(तीसरा संिोधन) जिजनयम, 2018, अजधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/21, द्वारा
ञ) 8 जून, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ]
(चौथा संिोधन) जिजनयम, 2018, अजधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/24, द्वारा
ट) 6 जसतम्बर, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (पाँचिाँ संिोधन) जिजनयम, 2018, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/30, द्वारा
ठ) 16 निम्बर, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड [सचू ीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (छठा संिोधन) जिजनयम, 2018, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/47, द्वारा
ड) 29 माचड, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी एल.ए.डी.-एन.आर.ओ./जी.एन./2019/07, द्वारा
ढ) 7 मई, 2019 को भारतीय प्रजतभजू त और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ]
(दसू रा संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/12, द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
ण) 27 जून, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (तीसरा संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/22, द्वारा
त) 29 जुलाई, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [सचू ीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (चौथा संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एलएडी-एनआरओ/जीएन/2019/28, द्वारा
थ) 26 ददसम्बर, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (पाँचिा ँसंिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/45, द्वारा
द) 10 जनिरी, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (संिोधन) जिजनयम, 2020, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/02, द्वारा
ध) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2020, सं.
सेबी/एल.ए.डी.-एनआरओ/जीएन/2020/10, द्वारा
न) 5 अगस्ट्त, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (दसू रा संिोधन) जिजनयम, 2020, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/25, द्वारा
प) 8 अिूबर, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएँ और प्रकटीकरण
अपेक्षाएँ] (तीसरा संिोधन) जिजनयम, 2020, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/33, द्वारा
संिोजधत हुए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 8th January, 2021
SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) (AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/02.— In exercise of the powers conferred by section 11, sub-section (2) of
section 11A and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 31
of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Board hereby makes the following regulations to
further amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, namely:-
1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2021.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015,-
I. In Schedule III, in Part A, -
a. under point A, in clause 16, the existing sub-clause (l) shall be substituted with the following,
namely, -
―l) 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:
(i) Pre and Post net-worth of the company;
(ii) Details of assets of the company post CIRP;
(iii) Details of securities continuing to be imposed on the companies’ assets;
(iv) Other material liabilities imposed on the company;[भाग III—खण् ड 4] भारत का राजपत्र : असाधारण 5
(v) Detailed pre and post shareholding pattern assuming 100% conversion of
convertible securities;
(vi) Details of funds infused in the company, creditors paid-off;
(vii) Additional liability on the incoming investors due to the transaction, source of
such funding etc.;
(viii) Impact on the investor – revised P/E, RONW ratios etc.;
(ix) Names of the new promoters, key managerial persons(s), if any and their past
experience in the business or employment. In case where promoters are
companies, history of such company and names of natural persons in control;
(x) Brief description of business strategy.‖
b. under point A, in clause 16, after the existing sub-clause (m), the following new sub-clauses shall
be inserted, namely, -
―n) Proposed steps to be taken by the incoming investor/acquirer for achieving the MPS;
o) Quarterly disclosure of the status of achieving the MPS;
p) The details as to the delisting plans, if any approved in the resolution plan.‖
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./442/2020-21]
Footnotes:
1. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
were published in the Gazette of India on 2nd September 2015 vide No. SEBI/LAD-NRO/GN/2015-16/013.
2. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
were subsequently amended on:
a) December 22, 2015 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2015 vide notification no. SEBI/LAD-NRO/GN/2015-16/27.
b) May 25, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
(Amendment) Regulations, 2016 vide notification no. SEBI/LAD-NRO/GN/ 2016-17/001.
c) July 8, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
(Second Amendment) Regulations, 2016 vide notification no. SEBI/ LAD-NRO/GN/2016-17/008.
d) January 4, 2017 by Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Third Amendment) Regulations, 2016 vide notification no. SEBI/ LAD-NRO/GN/2016-
17/025.
e) February 15, 2017 by Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2017 vide notification no. SEBI/LAD/NRO/ GN/2016-17/029.
f) March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment)
(Amendment) Regulations, 2017 vide Notification No. LAD-NRO/GN/2016- 17/037 read with March 29,
2017 by Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment)
Regulations, 2017 vide notification no. SEBI/LAD/NRO/GN/2016-17/38.
g) May 9, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/10.
h) May 30, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Second Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/13.
i) June 1, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Third Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/21.
j) June 8, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Fourth Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/24.
k) September 6, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Fifth Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/30.
l) November 16, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Sixth Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/47.6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
m) March 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2019 vide notification no. SEBI/LAD-NRO/GN/2019/07.
n) May 7, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Second Amendment) Regulations, 2019, vide notification no. SEBI/ LAD-NRO/GN/2019/12.
o) June 27, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Third Amendment) Regulations, 2019, vide notification no. SEBI/ LAD-NRO/GN/2019/22.
p) July 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Fourth Amendment) Regulations, 2019, vide notification no. SEBI/ LAD-NRO/GN/2019/28.
q) December 26, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Fifth Amendment) Regulations, 2019, vide notification no. SEBI/ LAD-NRO/GN/2019/45.
r) January 10, 2020 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2020, vide notification no. SEBI/ LAD-NRO/GN/2020/02.
s) April 17, 2020 by SEBI (Regulatory Sandbox) (Amendment)Regulations, 2020 vide no. SEBI/LAD-
NRO/GN/2020/10.
t) August 05, 2020 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Second Amendment) Regulations, 2020, vide notification no. SEBI/ LAD-NRO/GN/2020/25.
u) October 08, 2020 by the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Third Amendment) Regulations, 2020, vide notification no. SEBI/ LAD-NRO/GN/2020/33.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.