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Our insistence on strategic advisory exacts an in-depth understanding of and involvement with our clients’ businesses and industries. We engage not just individual businesses, but also contribute to the country’s legal and regulatory frameworks.

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Jun 30, 2020

Certain Relaxation to Startups for Issuing Sweat Equity and Listed Companies for Issuing Privately Placed Debentures

The Ministry of Corporate Affairs (‘MCA’) has notified the Companies (Share Capital and Debentures) Amendment Rules, 2020 on June 5, 2020. The Notification inter alia provides the following relaxations to companies:

i.     Startup companies (as defined under the relevant Government notification issued by the Department of Promotion of Industry and Internal Trade, Ministry of Commerce and Industry) may issue sweat equity shares up to 50% of their paid-up capital for a period of 10 years from the date of their incorporation or registration. Previously, this relaxation was allowed for a period of 5 years only; and

ii.   Listed companies issuing privately placed debentures are no longer required to, on or before April 30 each year, invest or deposit minimum 15% of the amount of its debentures maturing during the financial year (April 1 to March 31).

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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