SEBI has rules on how much shareholding of a listed company can be marginalized by the new bidder whosoever takes operational control through IBC / NCLT process. SEBI calls the IBC / NCLT process as "Scheme of Arrangement" following circulars clarify all doubts Dt -30th Nov.2015, Dt-Mar.10th 2017, Dt-Mar. 23rd 2017, Dt-Sep.21st 2017, Dt-Jan.3rd 2018. Max. is 90% if certain conditions are met else the max. is 75%...
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