Eligible issuers

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..... romoters, promoter group or directors are debarred from accessing the securities market or dealing in securities by the Board; (b) any of the promoters or directors of the issuer is a promoter or director of another company which is debarred from accessing the securities market or dealing in securities by the Board; (c) the issuer or any of its promoters or directors is a wilful defaulter; .....

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..... (c) and (d) shall not be applicable in case of private placement of non-convertible securities. (2) No issuer shall make a public issue of non-convertible securities if as on the date of filing of draft offer document or offer document, the issuer is in default of payment of interest or repayment of principal amount in respect of non-convertible securities, if any, for a period of more than si .....

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