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listing application-URGENT DOUBT

Mayuri Lal (officer CS) (748 Points)

27 November 2010

dEAR Members,

I have a doubt regarding listing application regarding the prefential allotment ...Like in Principle Approval its given that the "in Pronciple Approval " application will be submitteed to the Stock exchange within 10 days of teh Board meeting...

Wat is teh requirement of Listing Application.... when its is to be submitted ??? and where it is mentione???

Regards,

Mayuri Lal

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11 Replies

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 27 November 2010

Clause 24(a) of the Listing Agreement.

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CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 27 November 2010

24(a) of the listing agreement:-

The Company agrees to obtain 'in principle' approval for listing from the exchanges having nationalwide terminals where it is listed, before issuing further shares or securities. Where the Company is not listed on any exchange having nationwide trading terminals, it agrees to obtain such 'in principle' approval from all the exchanges in which it is listed before issuing futher shares or securities. The Company agrees to make an application to the Exchange for the listing of any new issue of shares or securities and of the profisional documents relating thereto.

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 27 November 2010

Allotment of shares pursuant to special Resolution in Preferencial Allotment.:-

Allotment shall be completed within a periiod of 15 days from the date of passing of such resolution;

provided that where any application or approval or permission by any regulatory authority or the Central Govt. for allotment is pending, the period of fifteen days shall be counted from the date of order on such application or hte date of approval or permission, as the case may be.

If the allotment of specified securities is not completed within 15 days of special resolutionl, a fresh special resolution shall be passed and the relevant date for determining the price of specified securities will be taken with reference to the date of latter special resolution.

Mayuri Lal (officer CS) (748 Points)
Replied 27 November 2010

agreed sir...

but its not giving the time limit...so immiedietly after the board meeting where the actual allotment is done after EGM we ill ill make the listing application???????????

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 27 November 2010

Yes, it is just saying that before allotment you must have in principal approval.

And you have to follow the ICDR regulation as above clause 74(1) and (2) therefore, you should make an application to the stock exchange immediately after the Meeting for the inprincipal approval.

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Mayuri Lal (officer CS) (748 Points)
Replied 27 November 2010

sir tentatively i ill give u the schedule

4decemeber- proposal for preferential allotment

by 14 dec- In principal approval

31 dec - EGM

2 jan- Board meeting for allotment

So sir as per above scenario when shud i file the listing application.. as it is not clearly mentioned anywhere...? shu i do it on 2 jan itself

CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
Replied 27 November 2010

Before allotment you must have inprincipal approval...

and what you have written on 14th dec??

Mayuri Lal (officer CS) (748 Points)
Replied 27 November 2010

Dear Sir,

I meant that in Principal aaplication to be giled with Stock exchange within 10 days of the Board Meeting where the proposal for the preferential issue i.e 4th December

So teh application to be file before 14 december