Transferability restriction on QIP allotments: allottee may only sell allotted securities on a recognised stock exchange during the one-year lock-in. Eligible securities allotted through a qualified institutions placement cannot be sold by the allottee for a period of one year from the date of allotment, except where the sale occurs on a recognised stock exchange; this creates a mandatory lock-in restricting off-market transfers while permitting exchange-based dispositions during the lock-in period.
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.
Transferability restriction on QIP allotments: allottee may only sell allotted securities on a recognised stock exchange during the one-year lock-in.
Eligible securities allotted through a qualified institutions placement cannot be sold by the allottee for a period of one year from the date of allotment, except where the sale occurs on a recognised stock exchange; this creates a mandatory lock-in restricting off-market transfers while permitting exchange-based dispositions during the lock-in period.
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