Difference Between OLD and NEW Unlisted Public Companies(Preferential Allotment )Rules, 2011 / 2003

[RAOUF]

Hello All,
can anybody let me know the Difference Between OLD and NEW Unlisted
Public Companies(Preferential Allotment )Rules, 2011 / 2003

Regards,
Raouf.

[pooja agnihotri]

 

According to the new Unlisted Public Companies ( Preferential Allotment) Amendment Rules, 2011:

 

In Rule 3 Clause (1) definition of 'Preferential allotment' has been substituted for the old one ( as per old rules of 2003). 

 

In Rule 4 the definition of Special Resolution is substituted for the old one and now also includes other instrument convertible into shares including Hybrids Convertible into shares on preferential basis.

 

After Rule 7, Rule 8 is inserted which defines the conditions for invitation and allotment of shares, it says that the allotment shall be completed within sixty days from the receipt of application money and if it could not be done the said amount shall be returned within fifteen days thereafter, and in case of default interest will have to be paid @ 12 % along with the application money. 

 

 

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Regards!!!!

Pooja Agnihotri

CS Trainee

Kanpur

[Astarag]

 

Hi

 

Please find attached the updated rule. Text in red are the changes

 

Raouf.

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