Re: Offer Period incase of Preferential Allotment

[Kavita Padia]

Dear Friends

Kindly guide is there any specific no. of days for which the Offer under Preferential Allotment has to be kept open

Or Is there a time limit within which shares has to be allotted from the receipt of money in case of Preferential Issue of Shares

This is slightly urgent

Thanks

[CS V Kartik]

Offer shall be open for minimum 15 days & maximum 30 days. However, once the shareholders to whom the offer has been made deposits the money before 15 days from the date of issue of offer letter, the same shall be treated as closed with immediate effect.

Secondly, shares shall be allotted to the concerned shareholders within a period of 60 days from the date of receipt of  subscription money.

Kartik

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[Kavita Padia]

Hi 

Can u pls clarify from where this 30 days time period for closure of offer is coming

Thanks 

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[CS V Kartik]

It's mentioned in Sec 62(1)(a)(i). It's common for all. Rights issue, private placement, preferential allotment.

Kartik

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[Kavita Padia]

Ok if tht is the understanding can i use same valuation report for two offers back to back

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[CS V Kartik]

Yes. Just check the period. If 2 offers are coming within the 6 months period, you can use the same valuation report for both because a valuation report is valid only for 6 months as per Income Tax. Also, in the valuation report, mention the purpose for which the valuation is done.

Kartik

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