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TMI BlogAllotment of shares and debentures to be dealt in on stock exchange.X X X X Extracts X X X X X X X X Extracts X X X X ..... section (1) has been] made for permission for the shares or debentures offered thereby to be dealt in one or more recognized stock exchanges, such prospectus shall state the name of the stock exchange or, as the case may be, each such stock exchange, and any allotment made on an application in pursuance of such prospectus shall, whenever made, be void, [5][* * *] if the permission has not been granted by the stock exchange or each such stock exchange, as the case may be before the expiry of ten weeks from the date of the closing of the subscription lists: Provided that where an appeal against the decision of any recognised stock exchange refusing permission for the shares or debentures to be dealt in on that stock exchange has been prefer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y becomes liable to pay it, [13][the company and every director of the company who is an officer in default shall, on and from the expiry of the eighth day, be jointly and severally liable to repay that money with interest at such rate, not less than four per cent and not more than fifteen per cent, as may be prescribed,[14] having regard to the length of the period of delay in making the repayment of such money.] [15][* * *] [16](2B) If default is made in complying with the provisions of sub-section (2A), the company and every officer of the company who is in default shall be punishable with fine which may extend to [17][fifty thousand rupees], and where repayment is not made within six months from the expiry of the eighth day, also with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bentures to waive compliance with any of the requirements of this section shall be void. [21][(5) For the purposes of this section, it shall be deemed that permission has not been granted if the application for permission, where made, has not been disposed of within the time specified in sub-section (1).] (6) This section shall have effect__ (a) in relation to any shares or debentures agreed to be taken by a person underwriting an offer thereof by a prospectus, as if he had applied therefor in pursuance of the prospectus; and (b) in relation to a prospectus offering shares for sale, with the following modifications, namely, (i) references to sale shall be substituted for references to allotment; (ii) the persons by whom the offe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ercisable, delegated to DCA and SEBI officials concurrently, vide Notification No. 727(E), dated 18-9-2000. [7] Substituted by the Companies (Amendment) Act, 1988, for the words "applied for as aforesaid". section 10, w.e.f. 15-6-1988 [8] Substituted by the Companies (Amendment) Act, 1974, 41 of 1974, section 8, for the words "or has not been granted as aforesaid", w.e.f. 1-2-1975. [9] Substituted by the Companies (Amendment) Act, 1988, section 10, w.e.f. 15-6-1988 for the words "the directors of the company shall be jointly and severally liable to repay that money with interest at the rate of twelve per cent per annum from the expiry of the eighth day:". [10] Vide Rule 4D of the Companies (Central Government's) General Rules and Forms, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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