Underwriter commission

The rate of commission paid or agreed to be paid shall not exceed,
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In case of shares, 5% of the price at which the shares are issued or a rate authorised by the articles, whichever is less.
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In case of debentures, 2.5% of the price at which the debentures are issued or as specified in the company’s articles, whichever is less.
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- Rule 13(c) of the Companies (Prospectus and Allotment of Securities) Rules, 2014.