On 25 August, the Securities and Exchange Board of India (SEBI) issued the SEBI (Issue of Capital and Disclosure) (Second Amendment) Regulations, 2014, introducing new and revised regulations on preferential issues.
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Through a circular dated 11 September, SEBI clarified that the increased percentage allocable to qualified institutional buyers in issues to anchor investors will only apply to issuers that file their offer documents with the Registrar of Companies on or after 25 August. SEBI also clarified that the new and revised regulations will apply only to preferential issues where notice for the general meeting of shareholders to pass the special resolution has been given on or after 25 August.
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The business law digest is compiled by Nishith Desai Associates (NDA). NDA is a research-based international law firm with offices in Mumbai, New Delhi, Bangalore, Singapore, Silicon Valley and Munich. It specializes in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner.
