Securities And Exchange Board Of India - Subsection
Section 24(5) in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(5)A listed entity shall not dispose of shares in its material subsidiary resulting in reduction of its shareholding (either on its own or together with other subsidiaries) to less than fifty percent or cease the exercise of control over the subsidiary without passing a special resolution in its General Meeting except in cases where such divestment is made under a scheme of arrangement duly approved by a Court/Tribunal [, or under a resolution plan duly approved under section 31 of the Insolvency Code and such an event is disclosed to the recognized stock exchanges within one day of the resolution plan being approved] [Added by Notification No. SEBI/LAD-NRO/GN/2018/21, dated 31.5.2018 (w.e.f. 2.9.2015).].
