Companies (Specification of definitions details) Second Amendment Rules, 2021

Feb 23, 2021 | by Avantis RegTech Legal Research Team

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Secretarial Compliance

The Ministry of Corporate Affairs (MCA) on February 19, 2021 has issued the Companies (Specification of definitions details) Second Amendment Rules, 2021 to further amend the Companies (Specification of definitions details) Rules, 2014. 

The following amendments have been made: 

• Rule 2A, which specifies the companies not to be considered as listed companies, has been inserted, namely: 

“For the purposes of the proviso to clause (52) of section 2 of the Act, the following classes of companies shall not be considered as listed companies, namely:

1. Public companies which have not listed their equity shares on a recognized stock exchange but have listed their:

I. non-convertible debt securities issued on private placement basis in terms of SEBI (Issue and Listing of Debt Securities) Regulations, 2008. 

II. non-convertible redeemable preference shares issued on private placement basis in terms of SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013. 

III. both categories of (i) and (ii) above.

2. Private companies which have listed their non-convertible debt securities on private placement basis on a recognized stock exchange in terms of SEBI (Issue and Listing of Debt Securities) Regulations, 2008. 

3. Public companies which have not listed their equity shares on a recognized stock exchange but whose equity shares are listed on a stock exchange in a jurisdiction as specified in sub-section (3) of section 23 of the Act.”

 


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