Holding period requirement for sale of fully paid-up equity shares mandates time-based ownership before filing, subject to specified exceptions. Regulation 8 conditions an offer for sale on a holding period requirement that only fully paid-up equity shares held by sellers for the required period prior to filing the draft offer document may be sold. Holdings arising from conversion or exchange of fully paid-up compulsorily convertible securities are aggregated with resultant equity shares, provided conversion is complete before filing and conversion terms are disclosed. Exceptions include offers by certain government-controlled infrastructure entities, shares acquired under approved scheme substitutions for business and invested capital, and bonus shares issued from free reserves and share premium, not revaluation reserves or unrealized profits.
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.
Holding period requirement for sale of fully paid-up equity shares mandates time-based ownership before filing, subject to specified exceptions.
Regulation 8 conditions an offer for sale on a holding period requirement that only fully paid-up equity shares held by sellers for the required period prior to filing the draft offer document may be sold. Holdings arising from conversion or exchange of fully paid-up compulsorily convertible securities are aggregated with resultant equity shares, provided conversion is complete before filing and conversion terms are disclosed. Exceptions include offers by certain government-controlled infrastructure entities, shares acquired under approved scheme substitutions for business and invested capital, and bonus shares issued from free reserves and share premium, not revaluation reserves or unrealized profits.
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