Preferential allotment rules require a special resolution and prescribed disclosures for unlisted public companies' equity and convertible instruments. The Rules regulate preferential allotment by unlisted public companies for equity and convertible instruments, defining 'promoter' and 'control'; requiring articles authorization and a special resolution acted upon within twelve months; mandating advance pricing for shares underlying warrants; specifying detailed disclosures in the explanatory statement including price, relevant date, objects, classes of allottees, promoters' subscription intention, shareholding pattern, timing and change in control; and requiring a statutory auditor or practicing company secretary certificate of compliance to be placed before the shareholders' meeting.
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Preferential allotment rules require a special resolution and prescribed disclosures for unlisted public companies' equity and convertible instruments.
The Rules regulate preferential allotment by unlisted public companies for equity and convertible instruments, defining "promoter" and "control"; requiring articles authorization and a special resolution acted upon within twelve months; mandating advance pricing for shares underlying warrants; specifying detailed disclosures in the explanatory statement including price, relevant date, objects, classes of allottees, promoters' subscription intention, shareholding pattern, timing and change in control; and requiring a statutory auditor or practicing company secretary certificate of compliance to be placed before the shareholders' meeting.
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