Suzlon Energy shares in focus after NSE, BSE issue 'no adverse observations' for merger with subsidiary
ADVERTISEMENT In a regulatory filing, Suzlon informed that the observations were received from the exchanges on Thursday, July 3, clearing a key hurdle in its ongoing corporate restructuring plan.
Under the 'Scheme of Arrangement', which involves the company, its shareholders, and creditors, Suzlon Energy will undertake the reduction and reorganisation of reserves.
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Suzlon plans to adjust its accumulated losses by reducing and reorganising reserves, specifically transferring the credit balance in the General Reserve to Retained Earnings.This means Suzlon will use existing reserves (built up during profitable years) to wipe out past losses reflected in the Retained Earnings account.
ADVERTISEMENT The company said that it will result in a cleaner balance sheet, which can improve the company's ability to pay dividends and attract investors.
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1) The company must comply with detailed disclosures, including how reserves will be adjusted, the historical build-up of losses and reserves, rationale for the scheme, impact on shareholders, cost-benefit analysis, and updated balance sheets pre- and post-scheme.
ADVERTISEMENT 2) The company has to ensure that additional information, if any, submitted by the company after filing the Scheme with the stock exchange is displayed on the websites of Suzlon and the exchanges.3) The company has to ensure entities involved in the proposed scheme will not make any changes in the draft scheme subsequent to filing the draft scheme with SEBI by Stock Exchange(s), except those mandated by the regulators/ authorities/tribunal.
ADVERTISEMENT 4) The company should ensure compliance with the Sebi circulars issued from time to time.5) The company should ensure that the financials in the scheme considered are not more than 6 months old.
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