TMI BlogOffer or invitation for subscription of securities on private placement.X X X X Extracts X X X X X X X X Extracts X X X X ..... er or invitation of securities to a section of the public otherwise than through issue of a prospectus by way of private placement basis in such form and manner as may be prescribed, if the conditions indicated in sub-section (2) and other provisions of this section are complied with. (2) An offer or invitation of securities mentioned in sub-section (1) may be made under the following con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause (a), whether the payment for the securities has been received or not or whether the company intends to list its securities or not on any recognised stock exchange in or outside India, the same shall be deemed to be an offer to the public and shall accordingly be governed by the provisions of clause (a) of section 23. Explanation II . For the purposes of this sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of securities under this section shall be paid through cheque or demand draft or other banking channels but not by cash. (6) A company making an offer or invitation under this section shall allot its securities within sixty days from the date of receipt of the application money for such securities and if the company is not able to allot the securities within that period, it shall repay t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recorded by the company prior to the invitation to subscribe, and that such persons shall receive the offer by name, and that a complete record of such offers shall be kept by the company in such manner as may be prescribed and complete information about such offer shall be filed with the Registrar within a period of thirty days of circulation of relevant private placement offer letter. ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection, the company, its promoters and directors shall be liable for a penalty which may extend to the amount involved in the offer or invitation or two crore rupees, whichever is higher, and the company shall also refund all monies to subscribers within a period of thirty days of the order imposing the penalty. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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