Corporate Updates – 27-08-2015

MCA:

MCA has instructed the Regional Director, Northern Region, to shifting of office from Noida to Paryavaran Bhawan, C.G.O. Complex, New Delhi. The process of shifting will be completed in few months and separate notification will be issued in this regard.

SEBI:

SEBI has issued Discussion Paper on “Review of policy relating to forfeiture of partly paid-up shares – Amendments to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Regulation 10 of the Takeover Regulations, 2011 provides general exemption from the obligations to make an open offer for certain acquisitions, subject to fulfilment of the conditions specified therein. Currently, there is no provision for increase in the voting rights of a shareholder due to the expiry of call notice period and forfeiture of partly paid-up shares to be exempt under regulation 10 of the Takeover Regulations, 2011 and an application needs to be filed with SEBI for seeking exemption from the open offer obligations in this regard under regulation 11 of the Takeover Regulations, 2011. Therefore, it is proposed that the Takeover Regulations, 2011 may be amended suitably for providing general exemption from the open offer obligations in the cases of increase in voting rights as a result of the expiry of call notice period and the forfeiture of shares in line with general exemptions available with respect to rights issues, buybacks etc.

News from NIRC of ICSI

NIRC of ICSI is organizing a himanshu.sharma.

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