Sebi eases restructuring norms for stressed assets
22 Juin, 2017, 16:06 | Author: Marc Bacque
The regulator has exempted buyers of shares in distressed companies from the requirement of making an open offer even if the purchase triggers such an event under the takeover code, Sebi announced after its board meeting on Wednesday. Such offers further reduce the funds available for investment in the company concerned.
Sebi's decision on restructuring in stressed firms comes against the backdrop of the government and Reserve Bank of India stepping up efforts to tackle the menace of bad loans, amounting to more than Rs 8 lakh crore.
Mumbai: Market regulator Sebi has decided to make make it easier for strategic investors to acquire shares in distressed firms under the restructuring schemes.
As per current rules, equity pricing formula for open offers is the average of the six-month share price high and low.
"Further, it has also been chose to extend the said relaxations to the lenders under other restructuring schemes undertaken in accordance with guidelines of RBI", the statement added.
However to safeguard the interest of minority shareholders, the regulator said such relaxation would be subject to certain conditions like approval by the shareholders of the companies by special resolution.
Islamic State destroys landmark Mosul mosque
Abu Bakr al-Baghdadi proclaimed himself caliph from the lectern in the mosque after his forces took over parts of Iraq and Syria . Mosul has been a center of fighting since October, when Iraqi security forces and allies began a push to take it back from ISIS.
Further, the relaxations would be applicable for the lenders under other restructuring schemes undertaken in accordance with the RBI guidelines.
SEBI's board also approved a proposal to tighten rules for participatory notes through imposition of a regulatory fee on issuers of such instruments. PE firms would now be allowed to sell shares a company anytime after it gets listed on exchanges.
The Securities and Exchange Board of India (SEBI) has issued a show cause notice to the National Stock Exchange (NSE) following the market regulator's probe into the alleged preferential access given by the stock exchange to some brokers through its "co-location" facility.
"Retail investors are not fully aware of the risks involved in derivatives investment", said Tyagi. But the SEBI chief said there is no proposal to completely ban P-notes, as they can be useful for new foreign investors looking to test the Indian markets.
The capital markets regulator floated a consulting paper on 28 April proposing the involvement of category-III AIFs in all commodity derivatives products traded on commodity derivatives exchanges. Currently, category I AIFs such as venture capital and infrastructure funds are granted that exemption.
States in the southwestern USA , such as Arizona, California, and Nevada are having one of their hottest summers on record. In fact, temperatures at that mark or higher have only been recorded 15 times since record-keeping started in 1896.
In this way, Lionel Messi has been found guilty of fraud, and Cristiano Ronaldo accused by prosecutors of evading €14.7m. Ronaldo has denied any wrongdoing, and Madrid issued a statement last week saying it believed the player was innocent.
Les festivités de la Fête de la musique battent leur plein et encore plusieurs milliers de noctambules en profitent. La victime âgée de 35 ans a reçu plusieurs coups de couteau à l'abdomen, précise sur son site La Provence .
He also cited some examples of the current technology infrastructure, noting the use of floppy discs in Pentagon "legacy systems". Gary Cohn, the director of the National Economic Council, was one of the White House officials in attendance.
This development comes following the announcement of him being the NDA's candidate for presidential polls, due next month. The front will likely put up a candidate in what the Left parties are calling an "ideological battle".
There's big money in it so it has to be spent wisely. "There are a couple of people I've spoken to but nothing just as yet". However, he has not yet made a return to management and the 55-year-old admits he is waiting for the right opportunity.
He also said he might have been rattled by starting out Thursday afternoon knowing that Rickie Fowler had already posted a 65. Dustin Johnson of the United States walks across the 18th hole during the second round of the 2017 U.S.
However, the route to inflict significant economic pain on the Kim Jong-un regime is reported to remain only through China. President Donald Trump has been counting on China to use its economic leverage with North Korea's totalitarian government.
Li Jingliang, a leading Chinese MMA prospect who is also on Saturday's card, said McGregor had the tools to upset Mayweather. After months of negotiations, both men came to an agreement and the fight was officially announced on Wednesday .
In most cases, the shifts were slight enough not to indicate any major change in the voting composition of Georgia's 6th district. Keith Ellison (D., Minn.), the Democratic National Committee's Vice Chairman and a rising star in the party's progressive wing.
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Le Paris Saint-Germain pourra compter sur les services de Joao Luis Afonso, qui était recruteur pour le club turc d'Antalyaspor. Son actuel employeur, le club turc d'Antalyaspor, vient d'officialiser son départ vers Paris par le biais d'un communiqué .
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The current state of emergency is due to expire on July 15 but the government is seeking to extend it until November 1. As The Two-Way has reported , a man opened fire on police in April killing one officer and wounding two others.
Man who died at scene of Finsbury terror attack named
His family described him as "a quiet, gentle man" who took comfort from "spending time with his wife, children and grandchildren". Tributes have been paid to Makram Ali , who has been named as the man who died in the Finsbury Park terror attack.
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La finale de cette édition 2017 démontre que la relation entre le public français et Rafael Nadal est désormais au beau fixe. Wawrinka a passé 15h 20 min sur le court pour atteindre la finale; Nadal un tiers de moins, 10h 01 min.