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Friday, July 24, 2009

New Clause 28A in equity listing agreement restricting shares with superior rights to voting/dividend


The following clause is inserted under Equity Listing Agreement,

“28A. The company agrees that it shall not issue shares in any manner which may confer on any person, superior rights as to voting or dividend vis-à-vis the rights on equity shares that are already listed. "


Thus, now Joint Ventures (JV) and Foreign Collaboration agreements with listed company shall observe cautions!!!


Source: Amendments to the Equity Listing Agreement

SEBI/CFD/DIL/LA/2/2009/21/7 dated July 21, 2009


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