Sebi on Thursday clarified on guidelines for processing of draft schemes pertaining to mergers and demergers filed by listed companies with the stock exchanges. Under the rule, listed entities desirous of undertaking a scheme of arrangement are required to submit certain documents to the exchanges. Listed entities will be required to submit no objection certificate (NOC) from the lending scheduled commercial banks/financial institutions as well as debenture trustees, Sebi said in circular issued on Thursday. This circular is an addendum to the one issued on Tuesday. On Tuesday, the regulator said that such entities will be required to submit NOC from the lending scheduled commercial banks or financial institutions. Apart from this, the listed entities are required to submit certain documents to the exchange, which includes a valuation report. As per the revised guidelines, this report needs to be accompanied by an undertaking from the listed entity, stating that no material event Read more