Once allotment has made u/s 67(3) it is a private placement


Last updated: 20 December 2022

Court :
Appellate Tribunal

Brief :
Once allotment is made to less than fifty allottees by way of private allotment the first proviso to Section 67(3) clearly makes it a private issue and not a public issue.

Citation :
ZENITH HIGHRISE INFRACON LTD., MR. KATYAL BANERJEE (APPELLANT) VS. SEBI (RESPONDENT)  SECURITY APPELLATE TRIBUNAL

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