Certificate delivery obligations require prompt issuance of share and debenture certificates, with penalties and state enforcement for defaults. Companies must deliver certificates for shares, debentures and debenture stock within prescribed timeframes after allotment or application for transfer registration, subject to legal prohibitions, with the Central Government able to grant extensions for debenture certificates. A validly stamped transfer is treated as a transfer unless the company is entitled to refuse registration. Defaults attract daily fines on the company and responsible officers, and the Central Government may order rectification and cost allocation after notice and application. Companies must immediately intimate allotment details to depositories where securities are held in dematerialised form.
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Provisions expressly mentioned in the judgment/order text.
Certificate delivery obligations require prompt issuance of share and debenture certificates, with penalties and state enforcement for defaults.
Companies must deliver certificates for shares, debentures and debenture stock within prescribed timeframes after allotment or application for transfer registration, subject to legal prohibitions, with the Central Government able to grant extensions for debenture certificates. A validly stamped transfer is treated as a transfer unless the company is entitled to refuse registration. Defaults attract daily fines on the company and responsible officers, and the Central Government may order rectification and cost allocation after notice and application. Companies must immediately intimate allotment details to depositories where securities are held in dematerialised form.
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