India:
SEBI Issues Format For Disclosing Voting Results Under New Listing Norms
18 November 2015
Agram Legal Consultants
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Pursuant to the issue of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("Listing
Regulations"), the SEBI issued the prescribed format
for submitting the details of voting results, by a listed entity,
to the relevant stock exchange, within 48 (forty-eight)
hours of the conclusion of a General Meeting. The circular issued
on November 4, 2015 by SEBI will come into effect along with the
Listing Regulations from December 1, 2015. The distinguishing
factor in the reporting is that it will be mandatory to inform the
relevant stock exchanges whether the promoter or the promoter group
is interested in the agenda/resolution that is put to vote.
This is a step towards greater transparency and protecting
investor's rights in listed entities by requiring full
disclosure on items that are put to vote.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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