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[Cites 0, Cited by 0] [Section 31(2)] [Section 31] [Entire Act]

Securities And Exchange Board Of India - Subsection

Section 31(2)(b) in Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014

(b)all listed companies having existing schemes to which these regulations apply are required to comply with these regulations in their entirety within one year of the same coming into effect, subject to the following exceptions:
(i)trusts holding shares, for the purposes of implementing employee benefits schemes of the company, beyond the permissible limits as provided under these regulations, shall have a period of five years to bring down its holding in shares to such limits;
(ii)trusts holding shares, for the purposes of implementing GEBS or RBS, which exceed ten per cent. of the total value of the total assets of the trust(s) as provided under these regulations, shall have a period of five years to bring down its holding in shares to such limits;
(iii)for the purposes of sub-regulation (9) of regulation 3 and ensuring compliance with the requirement of maintaining adequate public shareholding, those trusts holding shares of the company which are shown either as 'promoter' or 'public' shareholding, shall be permitted to continue to be shown them as such for a further period of only [three] [Substituted by Securities and Exchange Board of India (Share based Employee Benefits) (Amendment) Regulations, 2015 for 'five' (w.e.f 18.09.2015)] years;
(iv)[trustees of a trust may continue to vote in respect of shares held by such trust for a period of three years, commencing from 28th of October, 2014.] [Inserted by Securities and Exchange Board of India (Share based Employee Benefits) (Amendment) Regulations, 2015, Regulation (w.e.f 18.09.2015)]