The Ministry of Corporate Affairs on 19th February 2021 has published the Companies (Specification of definitions details) Second Amendment Rules, 2021 to further amend the Companies (Specification of definitions details) Rules, 2014.
The amendment brings in a new rule 2A which liberalize the definition of listed companies under the Companies Act to give compliance relief to public limited companies and private limited companies having listed debt securities.
The following classes of companies shall not be considered as listed companies, namely:-
(a) Public companies which have not listed their equity shares on a recognized stock exchange but have listed their non-convertible debt securities issued on private placement basis in terms of SEBI (Issue and Listing of Debt Securities) Regulations, 2008; or on non-convertible redeemable preference shares issued on private placement
(b) 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.
