(i) Define a dissenting shareholder in the context of SEBI (ICDR) Regulations, 2018. (ii) Explain the conditions under which promoters or controlling shareholders are required to provide an exit opportunity to dissenting

Answer 5(b) (i) Dissenting Shareholder: As per SEBI (ICDR) Regulations, 2018, a dissenting shareholder is one who votes against the resolution for change in objects or variation in the terms of a contract referred to in the offer document of the issuer. (ii) Conditions for Exit Offer: Promoters or shareholders in control must provide an exit opportunity to dissenting shareholders in case only if a public issue has opened after April 1, 2014; if a. The proposal for change in objects or variation in contract terms is dissented by at least 10% of shareholders who voted in the general meeting. b. the amount to be utilized for the objects for which the offer document was issued is less than 75% of the amount raised (including the amount earmarked for general corporate purposes as disclosed in the offer document).