SEBI
Change in control of the asset management company involving scheme of arrangement under Companies Act, 2013 ( January 31 , 2022 )
- Regulation 22(e) of SEBI (Mutual Fund) Regulations 1996 (“MF Regulations”), inter-alia , requires that no change in the control of the asset management company (“AMC”) shall be made unless prior approval of the trustees and SEBI is obtained.
- The application seeking approval for the proposed change in control of the AMC shall be filed with SEBI prior to filing the application with the NCLT.
- Upon being satisfied with compliance of the applicable regulatory requirements, an in-principle approval will be granted by SEBI.
RBI PRESS RELEASES
The Punjab and Maharashtra Co-operative Bank Ltd. branches to operate as Unity Small Finance Bank Ltd. branches from January 25, 2022
- The Government of India has today sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Unity Small Finance Bank Ltd. (USFBL).
- The Scheme of amalgamation notified envisages takeover of the assets and liabilities of PMC Bank, including deposits, by the USFBL in terms of the provisions of the scheme.
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