Eligibility to make further public offer barred when issuer, promoters or directors are debarred, wilful defaulters, or fugitive offenders. Entities are ineligible to make a further public offer if the issuer, its promoters, promoter group, directors or selling shareholders are debarred from accessing the capital market; if any promoter or director is a promoter or director of another debarred company; if the issuer or any promoter or director is a wilful defaulter or fraudulent borrower; or if any promoter or director is a fugitive economic offender. The debarment bars do not apply to persons whose debarment period has already expired as on the date of filing the draft offer document with the Board.
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.
Eligibility to make further public offer barred when issuer, promoters or directors are debarred, wilful defaulters, or fugitive offenders.
Entities are ineligible to make a further public offer if the issuer, its promoters, promoter group, directors or selling shareholders are debarred from accessing the capital market; if any promoter or director is a promoter or director of another debarred company; if the issuer or any promoter or director is a wilful defaulter or fraudulent borrower; or if any promoter or director is a fugitive economic offender. The debarment bars do not apply to persons whose debarment period has already expired as on the date of filing the draft offer document with the Board.
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