Preferential allotment
This query is : Resolved
19 January 2013
Dear Expert,
Please guide me for the following issue:-
A listed company has in the General Meeting held on November 17, 2012 has approved the allotment of preferential shares to 20 allottees for the issue size of Rs. 31 Crore.
The first application money was received on November 22, 2012. now please guide me that what is the maximum time limit that the company has to allot shares to shareholders.
Also provide me the information that if the Company has not received 100% application money before board meeting for allotment of shares so do the company require to refund all the application money or second we need to allot shares only to those shareholders who have given their application money.
Please treat this query as most urgent.
Thanks in advance.
Please guide me for the following issue:-
A listed company has in the General Meeting held on November 17, 2012 has approved the allotment of preferential shares to 20 allottees for the issue size of Rs. 31 Crore.
The first application money was received on November 22, 2012. now please guide me that what is the maximum time limit that the company has to allot shares to shareholders.
Also provide me the information that if the Company has not received 100% application money before board meeting for allotment of shares so do the company require to refund all the application money or second we need to allot shares only to those shareholders who have given their application money.
Please treat this query as most urgent.
Thanks in advance.
09 February 2013
Hi
Regln 74:Allotment pursuant to the special resolution shall be completed within a period of fifteen days from the date of passing of such resolution:
Provided that where any application for exemption from the applicability of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 or any approval or permission by any regulatory authority or the Central Government for allotment is pending, the period of fifteen days shall be counted from the date of order on such application or the date of approval or permission, as the case may be
Regln 74:Allotment pursuant to the special resolution shall be completed within a period of fifteen days from the date of passing of such resolution:
Provided that where any application for exemption from the applicability of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 or any approval or permission by any regulatory authority or the Central Government for allotment is pending, the period of fifteen days shall be counted from the date of order on such application or the date of approval or permission, as the case may be
11 February 2013
Thanks a ton Sir.....its really needful.
11 February 2013
My pleasure................
11 February 2013
I will also suggest you to take reference from net a resolution for that, you should also mentioned in that resolution the time period with in which your allotment will be completed.
11 February 2013
Ok sir but if the company has failed to allot shares within 15 days from the date of receiving of In-principal approval letter from BSE than do the entire preferential issue will be null and void.
Further, the fees paid at the time of in-principal approval application will be refundable to the company.
Further, the fees paid at the time of in-principal approval application will be refundable to the company.
11 February 2013
Hi
With in 15 days from approval of all stock exchanges. Please check, your shares listed only BSE or other stock exchanges.
Allotment should be made with in 15 days from the last exchange approval.
With in 15 days from approval of all stock exchanges. Please check, your shares listed only BSE or other stock exchanges.
Allotment should be made with in 15 days from the last exchange approval.
12 February 2013
Shares are listed on BSE and approval has received on 26.12.2012 and allotment has been made on 19.01.2013 i.e after 9 days delay.
So what are the consequences in this.
So what are the consequences in this.
12 February 2013
It will depend on BSE, what they says, I think, they will take under taking from you about the reason of delay.
12 February 2013
Sir as per Regulation 74(2) of SEBI (ICDR), If the allotment of specified securities is not completed within fifteen days from the date of special resolution, a fresh special resolution shall be passed and the relevant date for determining the price of specified securities under this Chapter will be taken with reference to the date of latter special
resolution.
So in this case do the company require in-principal approval again???
resolution.
So in this case do the company require in-principal approval again???
12 February 2013
Firstly check what the BSE said.
You have one option for this that you call a Board meeting for allotment but u can adjourn the meeting on your actual date of allotment.
I save for this, you can opt this way.
You have one option for this that you call a Board meeting for allotment but u can adjourn the meeting on your actual date of allotment.
I save for this, you can opt this way.
12 February 2013
ok sir and thanks a lot for your guidance and time.
further, will consult with BSE officials in this regard.
further, will consult with BSE officials in this regard.
12 February 2013
My pleasure...........
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