Regulation 106L - Utilisation of funds raised in rights issue
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 Chapter XA RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS
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Utilisation of funds in rights issues restricted until completion of allotment for Indian Depository Receipts. Regulation 106L requires that funds raised through a rights offering of Indian Depository Receipts (IDRs) may be utilised by the issuer only after the allotment process is complete, imposing a mandatory post-allotment restriction on application of subscription proceeds.
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 funds in rights issues restricted until completion of allotment for Indian Depository Receipts.
Regulation 106L requires that funds raised through a rights offering of Indian Depository Receipts (IDRs) may be utilised by the issuer only after the allotment process is complete, imposing a mandatory post-allotment restriction on application of subscription proceeds.
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