Public offer requirement: amendment mandates a minimum public subscription threshold, with regulated relaxation and institutional inclusion. The amendment mandates that at least sixty per cent of each class of securities be offered to the public by newspaper advertisement for a minimum period and allotted fairly and unconditionally; a recognised stock exchange may relax this rule with prior Central Government approval on satisfactory evidence of non-concentration. Subscriptions by specified government bodies and financial institutions up to fifteen per cent of the issued capital of the securities shall count as part of the sixty per cent public offer requirement.
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.
Public offer requirement: amendment mandates a minimum public subscription threshold, with regulated relaxation and institutional inclusion.
The amendment mandates that at least sixty per cent of each class of securities be offered to the public by newspaper advertisement for a minimum period and allotted fairly and unconditionally; a recognised stock exchange may relax this rule with prior Central Government approval on satisfactory evidence of non-concentration. Subscriptions by specified government bodies and financial institutions up to fifteen per cent of the issued capital of the securities shall count as part of the sixty per cent public offer requirement.
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