Record date requirement: announcement bars withdrawal of a rights issue and triggers a temporary prohibition on new listings after withdrawal. A listed issuer must announce a record date to identify shareholders eligible for a rights issue; after announcing the record date the issuer cannot withdraw the rights issue, and if it does withdraw it is subject to a listing restriction barring applications for listing of its specified securities for a period measured from that record date, with an exception allowing listing of equity shares allotted upon conversion or exchange of convertible securities issued prior to the record date.
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.
Record date requirement: announcement bars withdrawal of a rights issue and triggers a temporary prohibition on new listings after withdrawal.
A listed issuer must announce a record date to identify shareholders eligible for a rights issue; after announcing the record date the issuer cannot withdraw the rights issue, and if it does withdraw it is subject to a listing restriction barring applications for listing of its specified securities for a period measured from that record date, with an exception allowing listing of equity shares allotted upon conversion or exchange of convertible securities issued prior to the record date.
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