Preferential issue disclosures: explanatory statement must identify UBOs, pricing undertakings, and include a compliance certificate. Regulation 163 mandates that the explanatory statement for a special resolution on a preferential issue disclose objects of the issue, maximum securities, subscription intent of promoters/directors/senior management, pre- and post-issue shareholding, timeframe, identity of ultimate beneficial owners of proposed allottees (with limited exceptions), percentage of post-issue capital held by allottees and change in control, status of allottees as promoter/non-promoter, undertakings to re-compute price and lock-in obligations, and disclosures in Schedule VI where applicable; a practising company secretary's compliance certificate must be placed before the meeting and hosted online.
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.
Preferential issue disclosures: explanatory statement must identify UBOs, pricing undertakings, and include a compliance certificate.
Regulation 163 mandates that the explanatory statement for a special resolution on a preferential issue disclose objects of the issue, maximum securities, subscription intent of promoters/directors/senior management, pre- and post-issue shareholding, timeframe, identity of ultimate beneficial owners of proposed allottees (with limited exceptions), percentage of post-issue capital held by allottees and change in control, status of allottees as promoter/non-promoter, undertakings to re-compute price and lock-in obligations, and disclosures in Schedule VI where applicable; a practising company secretary's compliance certificate must be placed before the meeting and hosted online.
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