Private placement restrictions: limits on recipients, prescribed procedure, non renunciation, custody of funds and allotment deadlines. The amendment regulates private placement by permitting offers only to a Board identified limited group (excluding specified categories), requiring private placement offer cum applications without renunciation, non cash subscription with monies held in a separate bank account, allotment within sixty days or repayment with interest, prohibition on public advertising, filing of a return of allotment within fifteen days, and prescribed penalties for defaults and contraventions; offers to more than the prescribed number of persons are deemed public offers.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Private placement restrictions: limits on recipients, prescribed procedure, non renunciation, custody of funds and allotment deadlines.
The amendment regulates private placement by permitting offers only to a Board identified limited group (excluding specified categories), requiring private placement offer cum applications without renunciation, non cash subscription with monies held in a separate bank account, allotment within sixty days or repayment with interest, prohibition on public advertising, filing of a return of allotment within fifteen days, and prescribed penalties for defaults and contraventions; offers to more than the prescribed number of persons are deemed public offers.
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