Regulation 94A - Draft Scheme of Arrangement & Scheme of Arrangement in case of entities that have listed their non-convertible debt securities or non-convertible redeemable preference shares - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

1 [ Draft Scheme of Arrangement Scheme of Arrangement in case of entities that have listed their non-convertible debt securities or non-convertible redeemable preference shares. 94A. (1) Upon receipt of the draft schemes of arrangement and the documents under sub-regulation (1) of regulation 59A, the designated stock exchange shall forward the same to the Board, in such manner as may be specified by the Board. (2) The stock exchange(s) shall submit to the Board its No-Objection Letter on the draft scheme of arrangement, after ascertaining whether the draft scheme of arrangement is in compliance with securities laws, within the timelines as may be specified by the Board from time to time. (3) The stock exchange(s), shall issue No-objection letter to the listed entity in the manner and within the timelines, as may be specified by the Board from time to time: Provided that the validity of the No-objection letter of stock exchanges shall be six months from the date of issuance. (4) The stock exchange(s) shall bring the objections to the notice of National Company Law Tribunal at the time of approval of the scheme of arrangement by the National Company Law Tribunal. (5) Upon sanction of the Scheme by the National Company Law Tribunal, the stock exchange shall forward its recommendations to the Board on the documents submitted by the listed entity in terms of sub-regulation (4) of regulation 59A. ] ************* NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/103 dated 14-11-2022