https://www.taxtmi.com/circulars?id=11048 Private offers of equity marketed via brokers, advertisements, mass mailings or by floating rights of renunciation with unofficial premia cannot be treated as private placement when they effectively make shares available beyond the immediate offerees; such transactions fall under prospectus and public offer rules. Companies, promoters and intermediaries conducting these transactions or collecting unofficial premia without proper accounting commit serious contraventions of company law and may face penal consequences; marketing rights of renunciation by a private company is an impermissible public invitation. en-us Mon, 06 Jul 1992 00:00:00 +0530 Mon, 20 Jun 2011 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=11048 Private offers of equity marketed via brokers, advertisements, mass mailings or by floating rights of renunciation with unofficial premia cannot be treated as private placement when they effectively make shares available beyond the immediate offerees; such transactions fall under prospectus and public offer rules. Companies, promoters and intermediaries conducting these transactions or collecting unofficial premia without proper accounting commit serious contraventions of company law and may face penal consequences; marketing rights of renunciation by a private company is an impermissible public invitation. Circulars Companies Law Mon, 06 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/circulars?id=11048