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Unlisted public company issue of shares after 2 oct 2018.
A public limited company without getting it's shares dematerialised brought new issue of one lacs shares on December 2018 as per rule 9 A a company cannot issue shares unless it's shares are dematerialised pas 3 has been approved and increased paid capital is also reflected on mac site. Dematerialistion still in process . What is the remedy?
Replies (2)
I don't think there is any remedy here. Only thing can be possible here is that if the issue was already carried out before the due date of the notification. Only allotment was is December. As allotment can be in 60 days as per Section 56.
Please do share if you find any other remedy.
Please do share if you find any other remedy.
allotment can be made and execution of corporate action for credit of shares can happen latter after admitting security with depositories
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