Wilful defaulter restrictions bar public debt issues and mandate prominent private placement disclosures for investor information. The regulations add a wilful defaulter definition covering issuers whose directors or promoters are so categorized, and prohibit public issues of debt securities where the issuer, controller, promoter or director is restrained from markets or is a wilful defaulter or in default of interest or principal payments for over six months. For private placement listings, issuers must make specified disclosures about wilful default (declaring bank, year, outstanding amount, entity name, remediation steps and other investor relevant information), prominently disclose wilful default on the cover page, and present these disclosures in a separate, indexed chapter or section.
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.
Wilful defaulter restrictions bar public debt issues and mandate prominent private placement disclosures for investor information.
The regulations add a wilful defaulter definition covering issuers whose directors or promoters are so categorized, and prohibit public issues of debt securities where the issuer, controller, promoter or director is restrained from markets or is a wilful defaulter or in default of interest or principal payments for over six months. For private placement listings, issuers must make specified disclosures about wilful default (declaring bank, year, outstanding amount, entity name, remediation steps and other investor relevant information), prominently disclose wilful default on the cover page, and present these disclosures in a separate, indexed chapter or section.
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