Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Rules excluding recent non-cash, revaluation-funded bonuses, low-priced or pledged shares from promoters' minimum contribution calculations</h1> For computing minimum promoters' contribution, specified securities are ineligible if acquired in the preceding three years for non-cash consideration or by bonus issues funded from revaluation reserves or unrealised profits; if acquired in the preceding year by promoters, certain investors or specified public shareholders at a price below the IPO price (subject to buy-up of the difference or specified statutory scheme/sector exceptions); if allotted within one year to promoters of an entity formed by converting partnerships at below issue price unless representing long-standing capital; or if pledged with any creditor. Securities acquired under court/tribunal-approved schemes or converted from qualifying compulsory convertible instruments may be eligible per the regulation.
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