The revised timelines are as follows: - 1. Names reserved for 20 days for new company incorporation. SPICe+ Part B needs to be filed within 20 days of the name reservation. Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020. 2. Names reserved for 60 days for change of name of the company. INC-24 needs to be filed within 60 days of name reservation. Names expiring any day between 15th March 2020 to 3rd May would be extended by 20 days beyond 3rd May 2020. 3. Extension of RSUB validity for companies. SRNs where last date of Resubmission (RSUB) falls between 15th March 2020 to 3rd May 2020, additional 15 days beyond 3rd May 2020 would be allowed. However, for SRNs already marked under NTBR, extension would be provided on case to case basis. Note: Forms will not get marked to (Not to be taken on Record)’NTBR’ due to nonresubmission during this extended period as detailed above 4. Names reserved for 90 day...
SEBI- Measures to further facilitate fund raising from capital markets in the backdrop of COVID-19 pandemic
In the wake of challenges for the Indian economy arising out of the Covid-19 pandemic and with a view to improving access to funding to the corporates through capital markets, SEBI has decided to grant certain temporary relaxations from the regulatory provisions related to rights/ public issuances by listed entities. Rights Issues 1. Fast track Rights issuances Towards expanding the universe of listed entities for the purpose of fast track rights issuances, SEBI has relaxed the following conditions: The eligibility requirement of average market capitalisation of public shareholding of INR 250 crores has been reduced to INR 100 crores. The requirement related to period of listing of equity shares of the issuer for at least three years has been reduced to listing for eighteen months only. The condition related to no audit qualifications on issuer’s audited accounts has been replaced with the requirement to disclose the impact of audit qualifications on issuer...