Dematerialization requirement for preferential allotment increases disclosure, filing and compliance obligations for unlisted public companies. The rules establish procedural, disclosure and filing requirements for preferential allotment and private placement by unlisted public companies: preferential issues require a special resolution and approval of a detailed offer document, filings with the Registrar, pre-determined pricing for convertible warrants, timing limits between openings and closings and between issues, prior government approval for sizable cumulative convertible instrument issues, mandatory returns of allotment and a compliance certificate by a practicing professional, and compulsory dematerialization of all securities issued.
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Dematerialization requirement for preferential allotment increases disclosure, filing and compliance obligations for unlisted public companies.
The rules establish procedural, disclosure and filing requirements for preferential allotment and private placement by unlisted public companies: preferential issues require a special resolution and approval of a detailed offer document, filings with the Registrar, pre-determined pricing for convertible warrants, timing limits between openings and closings and between issues, prior government approval for sizable cumulative convertible instrument issues, mandatory returns of allotment and a compliance certificate by a practicing professional, and compulsory dematerialization of all securities issued.
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