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Sep 30, 2020

MCA Relaxation for Rights Issue Notices

The Ministry of Corporate Affairs (‘MCA’) had issued a Circular dated May 11, 2020, clarifying that, for rights issues opening up to July 31, 2020, the inability of listed companies to dispatch such notices would not constitute a violation of Section 62(2) of the Companies Act, 2013 (‘Companies Act’), so long as the requirements of the Circular dated May 6, 2020 issued by Securities and Exchange Board of India (‘SEBI’) are complied with (which grants certain relaxations regarding rights issues). This was issued in light of the difficulty being faced by listed companies in issuing notices due to the ongoing COVID-19 pandemic. By way of a Circular dated August 3, 2020, the MCA has extended the validity of its Circular to rights issues opening up to December 31, 2020.

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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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