TMI BlogCompanies (Prospectus and Allotment of Securities) Second Amendment Rules, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... ules, 2018. (2) They shall come into force from the date of their publication in the Official Gazette. 2. In the Companies (Prospectus and Allotment of Securities) Rules, 2014 (hereinafter referred to as the principal rules), for rule 14 , the following rule shall be substituted, namely:- 14. Private placement .- (1) For the purposes of sub-section (2) and sub-section (3) of section 42 , a company shall not make an offer or invitation to subscribe to securities through private placement unless the proposal has been previously approved by the shareholders of the company, by a special resolution for each of the offers or invitations: Provided that in the explanatory statement annexed to the notice for shareholders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the offers or invitations for such debentures during the year. (2) For the purpose of sub-section (2) of section 42, an offer or invitation to subscribe securities under private placement shall not be made to persons more than two hundred in the aggregate in a financial year: Provided that any offer or invitation made to qualified institutional buyers, or to employees of the company under a scheme of employees stock option as per provisions of clause (b) of sub-section (1) of section 62 shall not be considered while calculating the limit of two hundred persons. Explanation.- For the purposes of this sub-rule, it is hereby clarified that the restrictions aforesaid would be reckoned individually for each kind of security that i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e fee as provided in the Companies (Registration Offices and Fees) Rules, 2014 along with a complete list of all the allottees containing- (i) the full name, address, Permanent Account Number and E-mail ID of such security holder; (ii) the class of security held; (iii) the date of allotment of security ; (iv) the number of securities held, nominal value and amount paid on such securities; and particulars of consideration received if the securities were issued for consideration other than cash. (7) The provisions of sub-rule (2) shall not be applicable to - (a) non-banking financial companies which are registered with the Reserve Bank of India under the Reserve Bank of India Act, 1934 (2 of 1934); and (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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