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Proposed Amendments in COMPANIES (PROSPECTUS AND ALLOTMENT OF SECURITIES) RULES 2014 (PAS RULES)

News and Press Release - Dated:- 2-2-2016 - Rule 3(6): Disclosures of Sources of Promoters Contribution 3.1 Section 26(1)(a)(xiv) provides every prospectus to state disclosures in such manner as may be prescribed about sources of promoter s contribution. Rule 3(6) of the PAS Rules further provides for the disclosures to be made. It has been suggested that obtaining such a detailed level of disclosures from promoters invested in the shares of the Company since the beginning of the operations of c .....

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inimum amount has not been subscribed, the application money to be refunded shall be credited only to the bank account from which the subscription was remitted. The Committee did not agree with the contention that the company is dependent on the depository for investor related details and the account details are not available making it difficult for the subscription amount to be remitted, and does not recommend any change. Private Placement of Securities 3.3 The private placement requirements ha .....

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