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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Unlisted Public Companies Must Complete Previous Allotments Before New Offers Under Rule 8; Strict Compliance Required</h1> Rule 8 of the Unlisted Public Companies (Preferential Allotment) Rules, 2003, stipulates that no new offer or invitation for securities can be made until previous allotments are completed as per section 60B of the Companies Act, 1956. Non-compliance with specific sections will classify the offer as a public one, requiring adherence to relevant securities laws. Subscription payments must be made via non-cash methods. Securities must be allotted within sixty days, with refunds due within fifteen days if not allotted, including 12% annual interest. Application funds must be held in a separate account for specified uses only.
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