SEBI:
SEBI in its Board Meeting and decided on various important issues relating to governance and willful default by the promoters. With the objective of restricting access to capital markets for raising funds from public, by willful defaulters, prohibited public issue of equity securities / debt securities / non-convertible redeemable preference shares, if the issuer company or its promoter or its director is in the list of the willful defaulters, prohibited to take control over other listed entity if any company or its promoter or its director is categorized as willful defaulter. However, if a listed company or its promoter or its director is categorized as willful defaulter, and there is a take-over offer in respect of the listed company, they may be allowed to make competing offer for the said listed company in accordance with SEBI (SAST) Regulations, 2011. SEBI also announced that the criteria for determining a ‘fit and proper person’ in SEBI Regulations will be amended to include that no fresh registration shall be granted to any entity if the entity or its promoters or its directors or key managerial personnel, as defined under SEBI (ICDR) Regulations, 2009, are included in the list of willful defaulters