Immediate disclosure of material information


Is a listed issuer required to make immediate disclosure of a notice issued pursuant to section 218 of the Companies Act, 1965 (“S. 218 Notice”)?

There is usually no requirement for an immediate announcement to be made by a listed issuer of a S.218 Notice as this is merely a letter of demand. However, where a S.218 Notice is considered to be material pursuant to paragraph 9.03 of the Main LR based on the facts and circumstances of a particular listed issuer, the listed issuer must make an immediate announcement of the same.