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Unlisted public company issue of shares after 2 oct 2018.

222 views 2 replies

shilpi

article

31 Points Joined December 2013

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)

Shankhadeep Nath

Student

63 Points Joined March 2018

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.