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        Corp. Laws, SEBI & IBC

        Action Against Unlisted Companies Misusing The Private Placement Route to Raise Funds

        December 6, 2013

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        Action against errant unlisted companies that misuse the private placement route to raise funds under the provisions of Companies Act, 1956 is a continuous process. Giving this information in written reply to a question in the Lok Sabha, Minister of Corporate Affairs, Shri Sachin Pilot, said that Section 42 of the Companies Act, 2013 provides for invitation for subscription of securities on Private Placement. Draft Rules regarding Private Placements have already been issued by the Ministry on 24.9.2013 inviting public comments under the Companies Act, 2013.

        Private placement compliance: strengthened oversight to curb misuse by unlisted companies under Companies Act provisions. Action targets misuse of the private placement route by unlisted companies, relying on private placement regulation within the Companies Act framework; draft rules on private placements have been issued for public comment to implement procedural compliance and enable enforcement against non-compliant issuers.
                          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.

                                Private placement compliance: strengthened oversight to curb misuse by unlisted companies under Companies Act provisions.

                                Action targets misuse of the private placement route by unlisted companies, relying on private placement regulation within the Companies Act framework; draft rules on private placements have been issued for public comment to implement procedural compliance and enable enforcement against non-compliant issuers.


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