SEBI has vide notification dated 8th January, 2021 published the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The amendment has added to the events/information, upon occurrence of which a listed entity shall make disclosure to stock exchange the events in relation to the corporate insolvency resolution process (CIRP) of a listed corporate debtor under the Insolvency Code. The details include Specific features and details of the resolution plan as approved by the Adjudicating Authority under the Insolvency Code, not involving commercial secrets, including details such as:
- Pre and Post net-worth of the company;
- Details of assets of the company post CIRP;
- Details of securities continuing to be imposed on the companies’ assets;
- Other material liabilities imposed on the company;
- Detailed pre and post shareholding pattern assuming 100% conversion of convertible securities;
- Details of funds infused in the company, creditors paid-off;
- Additional liability on the incoming investors due to the transaction, source of such funding etc;
- Impact on the investor – revised P/E, RONW ratios etc.;
- Names of the new promoters, key managerial persons(s), if any and their past experience in the business or employment. In case where promoters are companies, history of such company and names of natural persons in control;
- Brief description of business strategy;
