SEBI vide its Circular SEBI/CFD/DIL/LA/2/2009/21/7 dated July 21, 2009 has amended the Equity Listing Agreement to prohibit listed companies from issuing shares with superior rights as to voting or dividend vis-à-vis the rights on equity shares that are already listed. This amendment gives effect to an important decision taken by the SEBI Board on June 18, 2009. A new clause 28A has been inserted in the equity listing agreement to this effect.
A copy of the Circular is available here.
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