TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Private placement of company securities: limit of 50 offerees, banking-only payments, strict allotment timelines; breaches treated as public offer.</h1> A company may issue securities by private placement only to a board-identified select group of persons, capped at fifty (or a higher prescribed number) in a financial year, excluding qualified institutional buyers and eligible ESOP offerees; exceeding the prescribed number is deemed a public offer, attracting Part I and applicable securities laws. The company must issue a prescribed offer-cum-application to identified persons with no renunciation right, receive subscription monies only through banking channels (not cash), and keep application monies in a separate scheduled bank account, usable only for allotment adjustment or refunds. Securities must be allotted within 60 days or application money repaid within 15 days thereafter, failing which 12% p.a. interest applies. No public advertising is permitted. A return of allotment must be filed within 15 days, with daily penalties for delay and higher penalties and refund obligations for contraventions.
TaxTMI 
TaxTMI 
