, Ministry of Finance amends Securities Contracts (Reg.) Rules w.r.t Insolvency & Bankruptcy Code ~ CS GAURAV SHARMA

Wednesday, August 01, 2018

Ministry of Finance amends Securities Contracts (Reg.) Rules w.r.t Insolvency & Bankruptcy Code

Fin Min issues Securities Contracts (Regulation) (Amendment) Rules, 2018. Wherein inserts sub – rule (5) in Rule 19 A (Continuous Listing Requirement) in reference to the Insolvency & Bankruptcy Code.

Rule 19 (A) (5) states
“(5) Where the public shareholding in a listed company falls below twenty-five per cent, as a result of implementation of the resolution plan approved under section 31 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), such company shall bring the public shareholding to twenty-five per cent within a maximum period of three years from the date of such fall, in the manner specified by the Securities and Exchange Board of India:


Provided that, if the public shareholding falls below ten per cent, the same shall be increased to at least ten per cent, within a maximum period of eighteen months from the date of such fall, in the manner specified by the Securities and Exchange Board of India.”




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