Regulation 78(6) of SEBI (Issue of Capital & Disclosure Requ
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 December 2010
In case of Preferential Allotment of Equity shares, the Pre-Preferential allotment shareholding of the allottees shall be locked in from the relevant date upto a period of six months from the date of Preferential Allotment.
So, my query is that whether it will be locked in from the relevant date upto a period of 6 months or whether it will be locked in from the date of Preferential Allotment?
Kindly give me the explanation.
So, my query is that whether it will be locked in from the relevant date upto a period of 6 months or whether it will be locked in from the date of Preferential Allotment?
Kindly give me the explanation.
22 December 2010
By Cumulatively Analysis of Regulation 71 and 78(6),
As per R.78(6),the Entire pre-preferential allotment Shareholding of allottees, if any shall BE LOCKED IN FROM THE RELEVANT DATE UPTO PERIOD OF OF SIX MONTHS FROM DATE OF PREFERNTIAL ALLOTMENT.
So the Shares will be Locked 30 days prior to meeting of Shareholder ("Relevant Date") upto 6 Months from Date of Preferential Allotment.
Regards
Ankit Gulgulia
As per R.78(6),the Entire pre-preferential allotment Shareholding of allottees, if any shall BE LOCKED IN FROM THE RELEVANT DATE UPTO PERIOD OF OF SIX MONTHS FROM DATE OF PREFERNTIAL ALLOTMENT.
So the Shares will be Locked 30 days prior to meeting of Shareholder ("Relevant Date") upto 6 Months from Date of Preferential Allotment.
Regards
Ankit Gulgulia
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 December 2010
I am yet not clear with the above explanation regarding Reg 78(6) of SEBI (ICDR) Requirements, 2009. Can you pls explain with an example.
whether the shares will be locked in from the relevant date upto a period of 6 months or whether it will be locked in from the date of Preferential Allotment?
whether the shares will be locked in from the relevant date upto a period of 6 months or whether it will be locked in from the date of Preferential Allotment?
23 December 2010
Take This Date Wise Example
Facts Assumed
Date of Meeting - 31/3/2009
Rel. date (As per R.71) - 1/3/2009
Date of Preferential Allotment - 30/4/2009
6 Months from Pref. Allot - 31/10/2009
Lock In Period Will Be From :
1/3/2009 TO 31/10/2009
Regards
Ankit Gulgulia
Facts Assumed
Date of Meeting - 31/3/2009
Rel. date (As per R.71) - 1/3/2009
Date of Preferential Allotment - 30/4/2009
6 Months from Pref. Allot - 31/10/2009
Lock In Period Will Be From :
1/3/2009 TO 31/10/2009
Regards
Ankit Gulgulia
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