Prior Approval for Change in control: Transfer of shareholdings among immediate relatives and transmission of shareholdings and their effect on change in control

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..... rs All Registrar to an Issue and Share Transfer Agent All Debenture Trustee All Credit Rating Agencies All Bankers to an issue Dear Sir / Madam, Sub: Prior Approval for Change in control: Transfer of shareholdings among immediate relatives and transmission of shareholdings and their effect on change in control SEBI vide circular No: CIR/MIRSD/14/2011 dated August 02, 2011 addressed to stock .....

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..... fer of shareholding by way of transmission to immediate relative or not, shall not result into change in control. 2. Transfer /transmission of shareholding in case of a proprietary firm type intermediary: In case of an intermediary being a proprietary concern, the transfer or bequeathing of the business/capital by way of transmission to another person is a change in the legal formation or owners .....

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..... sists of two partners only, the same would stand as dissolved upon the death of one of the partners. However, if a new partner is inducted in the firm, then the same would be considered as a change in control, requiring fresh registration and prior approval of SEBI. b) Transmission of ownership interest in case of partnership firm: Where the partnership deed contains a clause that in case of dea .....

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