 "Lawyers uneasy with Sebi’s informal guidance scheme")
The Securities and Exchange Board of India’s (Sebi’s) informal guidance scheme, which was expected to smoothen legal processes for companies, seems to be confusing things further. The Securities Appellate Tribunal (SAT) has also raised its concerns due to the inconsistency in guidance.
In the recent case of Arbutus Consultancy LLP, when the company cited an informal guidance given to Weizmann Forex in 2012 in its defence, SAT said the guidance wasn’t in line with Sebi’s norms. The issue was whether inter-se transfers by promoters made prior to completion of three years of listing of the target company were eligible
In the recent case of Arbutus Consultancy LLP, when the company cited an informal guidance given to Weizmann Forex in 2012 in its defence, SAT said the guidance wasn’t in line with Sebi’s norms. The issue was whether inter-se transfers by promoters made prior to completion of three years of listing of the target company were eligible
