Public Ltd Co
This query is : Resolved
21 May 2011
Dear Sir,
Is it legally valid if the promoters itself subcribed 90 % of issued share capital as per prospectus, if a company has not received the minimum subscription from public?
Ex:
M/s.Jk Ltd incorporated with 1 Crore share capital.But issued share capital as per prospectus for Rs.50 Lakh.The promoters of Jk Ltd has taken the shares for Rs.49 Lakh.
Is it legally valid? Sebi will accept the Jk Ltd as listed company.
Is it legally valid if the promoters itself subcribed 90 % of issued share capital as per prospectus, if a company has not received the minimum subscription from public?
Ex:
M/s.Jk Ltd incorporated with 1 Crore share capital.But issued share capital as per prospectus for Rs.50 Lakh.The promoters of Jk Ltd has taken the shares for Rs.49 Lakh.
Is it legally valid? Sebi will accept the Jk Ltd as listed company.
21 May 2011
In case of listed company the company must comply with the listing agreement of minimum public shareholding otherwise it will not be treated as listed.
23 May 2011
Sir,
Whether It should be complied by the listed company through out its life or at the time of first issuing.
Whether It should be complied by the listed company through out its life or at the time of first issuing.
23 May 2011
If the company fails to receive the minimum subscribtion, what will happen?
Except the refund of received amount.
Regards,
S.Jegadeesan
Except the refund of received amount.
Regards,
S.Jegadeesan
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