In case a company make private placement to existing members, it shall not be required to issue & file PAS 4. Since, the requirement of PAS 4 is done away with, therefore, requirement of filing the same with PAS 5 and has consequentially been omitted. It to be kept in mind that the non- requirement of PAS 4 and consequent filing is not in case of every private placement but only where a company makes preferential issue to existing members, is when the requirement is done away with
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