Securities And Exchange Board Of India - Subsection
Section 41A(5) in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(5)The SR equity shares shall be compulsorily converted into equity shares having voting rights same as that of ordinary shares on the occurrence of any of the following events -i. demise of the promoter(s) or founder holding such shares;ii. an SR shareholder resigns from the executive position in the listed entity;iii. merger or acquisition of the listed entity having SR shareholder/s, where the control would no longer remain with the SR shareholder/s;iv. the SR equity shares are sold by an SR shareholder who continues to hold such shares after the lock-in period but prior to the lapse of validity of such SR equity shares.]
