https://www.taxtmi.com/acts?id=12358 Companies must apply to recognised stock exchanges before issuing a prospectus offering shares or debentures and disclose the exchange(s) in the prospectus. Allotments under such a prospectus are void if permission is not granted within the prescribed period, subject to a pending appeal. Application moneys must be kept in a separate Scheduled Bank account until permission or appeal disposal and repaid without interest if permission is not obtained; failure to repay within eight days creates joint and several liability of the company and directors with prescribed interest and attracts fines and possible imprisonment for prolonged default. en-us Fri, 06 May 2011 18:22:45 +0530 Fri, 06 May 2011 18:22:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12358 Companies must apply to recognised stock exchanges before issuing a prospectus offering shares or debentures and disclose the exchange(s) in the prospectus. Allotments under such a prospectus are void if permission is not granted within the prescribed period, subject to a pending appeal. Application moneys must be kept in a separate Scheduled Bank account until permission or appeal disposal and repaid without interest if permission is not obtained; failure to repay within eight days creates joint and several liability of the company and directors with prescribed interest and attracts fines and possible imprisonment for prolonged default. Act-Rules Companies Law Fri, 06 May 2011 18:22:45 +0530 https://www.taxtmi.com/acts?id=12358