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Promoters consideration ?
One of the Private Company holding 5% of Equity share Capital in Listed Company and its director are also director in Listed Company, Whether Private Company consider as promoter or promoter group??/
kindly advice
Replies (2)
Only by virtue of holding 5% share capital, the company will not become a promoter. However, if the private limited company is controlled by the issuer or named as promoter in the offer document, then it will become a promoter.
Please refer Rule 2(za) and (zb) of SEBI (ICDR) Regulations for detailed definition.
Thank you sir for advice
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