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Repeal of circular(s) outlining procedure to deal with cases where securities are issued prior to April 01, 2014, involving offer / allotment of securities to more than 49 but up to 200 investors in a financial year
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Repeal of grandfathering for excess private placements rescinds earlier refund relief and imposes a limited transition period. SEBI has rescinded prior circulars that allowed issuers who issued securities to more than the permitted number of investors (over 49 up to 200) to avoid penal action by offering a refund option; the repeal becomes effective six months from this circular, without prejudice to prior actions. The relief remains available only to issuers who complete required procedures and submit the prescribed certificate within the six month transition; thereafter such cases will be dealt with under extant applicable laws and stock exchanges must disseminate the circular.
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.
Repeal of grandfathering for excess private placements rescinds earlier refund relief and imposes a limited transition period.
SEBI has rescinded prior circulars that allowed issuers who issued securities to more than the permitted number of investors (over 49 up to 200) to avoid penal action by offering a refund option; the repeal becomes effective six months from this circular, without prejudice to prior actions. The relief remains available only to issuers who complete required procedures and submit the prescribed certificate within the six month transition; thereafter such cases will be dealt with under extant applicable laws and stock exchanges must disseminate the circular.
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