Regarding applicability it has been stated that the SEBI guidelines are applicable to listed as well as unlisted companies. Now my question is that whether a small unlisted public limeted company ( a nursing home) will be required to comply with the SEBI guidelines when it issues its shares to one of the friend of a director? here it should be mentioned that 90%of the shares of the company are being hold by 10 members and the balance by 15 other persons.
The above mentioned company did not comply with the guidelines at the first time of its issue of its shares also. Now my further queston is that whether the company will be liable to any penalty for its non complience? if yes, can the mistake be rectified? How?
Please reply. Its urgent.
CAclubindia
