Regulation 51 - Utilisation of subscription money.
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 Part V MINIMUM OFFER TO PUBLIC, RESERVATIONS, ETC.
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Utilisation of subscription money: post-issue lead merchant banker must ensure release to issuer complies with section 73. Regulation 51 requires the post-issue lead merchant banker to ensure that moneys received in respect of the issue are released to the issuer in compliance with section 73 of the Companies Act, 1956, thereby placing responsibility on the lead merchant banker to oversee release of issue proceeds and verify conformity with the statutory requirements governing application monies.
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.
Utilisation of subscription money: post-issue lead merchant banker must ensure release to issuer complies with section 73.
Regulation 51 requires the post-issue lead merchant banker to ensure that moneys received in respect of the issue are released to the issuer in compliance with section 73 of the Companies Act, 1956, thereby placing responsibility on the lead merchant banker to oversee release of issue proceeds and verify conformity with the statutory requirements governing application monies.
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