Implementation of Regulation 37A – SEBI(Listing Obligation and DisclosureRequirements) Regulations, 2015 - MMJC

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 inserted regulation 37A with effect from June 15, 2023. Regulation 37A provides for compliances to be done by a listed company while carrying out sale, lease, or disposal of an undertaking outside scheme of arrangement. Section 180(1)(a) of Companies Act, 2013 also provides for restrictions on the powers of board pertaining to sell, lease, or otherwise dispose off the whole or substantially the whole of undertaking.

The article published in the February issue of Chartered Secretary of ICSI highlights critical issues in implementing provisions of section 180(1)(a) read with regulation 37A.

The article is written by Mr. Vallabh Joshi – Senior Manager at MMJC.

For detailed article – please click here