Private placement rules: mandatory shareholder approval, limited recipients, prescribed forms and payment record requirements. Private placement requires prior shareholder approval by special resolution with an explanatory statement disclosing offer particulars, securities, pricing basis, valuer, amount proposed, material terms and purposes; recipients are limited to two hundred persons per financial year per class of security excluding qualified institutional buyers and employee schemes; Form PAS-4 offer letters must be serially numbered and addressed, payments must come from subscribers' bank accounts, records maintained in Form PAS-5 and allotment return filed in Form PAS-3 with full particulars of allottees; specified exemptions and foreign-investment approval requirements apply.
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Provisions expressly mentioned in the judgment/order text.
Private placement rules: mandatory shareholder approval, limited recipients, prescribed forms and payment record requirements.
Private placement requires prior shareholder approval by special resolution with an explanatory statement disclosing offer particulars, securities, pricing basis, valuer, amount proposed, material terms and purposes; recipients are limited to two hundred persons per financial year per class of security excluding qualified institutional buyers and employee schemes; Form PAS-4 offer letters must be serially numbered and addressed, payments must come from subscribers' bank accounts, records maintained in Form PAS-5 and allotment return filed in Form PAS-3 with full particulars of allottees; specified exemptions and foreign-investment approval requirements apply.
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