Daily Updates and News

SEBI

SEBI has permitted Practicing Company Secretaries to certify refund procedure by Companies for privately placed securities. SEBI had earlier issued a circular prescribing the procedure to deal with cases involving offer / allotment of securities to more than 49 and up to 200 persons. Para 7 of the said Circular provided for submission of a certificate from an independent peer reviewed practicing Chartered Accountant certifying compliance as prescribed in the circular. It has now been decided that the certification as provided in the said Para 7 may also be provided by an independent peer reviewed practicing Company Secretary.

 

RBI 

RBI allowed in mid- foreign investors to buy up to 60 per cent sized private sector lender Yes Bank Limited. Yes Bank had passed resolutions at its Board of Directors' level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs). FIIs/ RFPIs can now invest from existing 49 per cent up to 60 per cent of the paid up capital of YES Bank Limited under the Portfolio Investment Scheme (PIS), that is, the total foreign investment from all sources in the company shall not exceed 60 per cent. Therefore, further purchases of equity shares of this company would be allowed only after obtaining prior approval of RBI.
Thanks & Regards,
Meetesh Shiroya