AIFs told to approach Sebi before moving NCLT

Market regulator Sebi has directed alternative investment firms (AIFs) seeking change in control through a scheme of arrangement to file an application with it before approaching the National Company Law Tribunal (NCLT). On receipt of the application, Sebi will provide in-principle approval which will be valid for three months. The validity of such in-principle approval will be for three months from the date of issuance, within which the relevant application shall be made to the NCLT.