Latest SEBI circular and notices

PR. No. 165 /2008 SEBI amends Equity Listing Agreement Securities and Exchange Board of India (SEBI) has amended Equity Listing Agreement vide circular dated September 4, 2008. The highlights of the amendments are: 1. Fairness Opinion of independent merchant banker : In order to safeguard the interest of shareholders, the listed company as well as the unlisted company which are getting merged shall each be required to appoint an independent merchant banker for giving a fairness opinion on the valuation done by valuers. Further, the Fairness opinion of the merchant bankers shall be made available to the shareholders at the time of approving the resolution under Clause 24. 2. Submission & Publication of Financial Results: In order to bring more efficiency in the disclosures of financial results, certain amendments have been made with regard to timeline for submitting consolidated financial results to the stock exchange, publication thereof, submission and placing of limited review reports before Board/Committee, etc. The other amendments, inter alia, include provisions relating to notice period for rights issues. The full text of the circular is available on the website: www.sebi.gov.in. Mumbai, September 4, 2008
Source: SEBI Date: 2008-09-05