Professional life is tightrope balance of professional commitments, personal relations and oneself. This is tougher for professional executives. They have near impossible commitments, near broken relations and almost lost themselves. This is all about developed professional skills, time management, stress management and skilled use of latest technology. Technological development is most enabling factors in a professional life.
Posted in Company Secretary, Governance and Responsibility, Truth of Our Time
Tagged Professional, Technology
In an earlier post here, we have discussed provisions related to dividend under the Companies Act, 2013. Now we have the Companies (Declaration and Payment of Dividend) Rules 2014 as notified on 31st March 2014 for discussion.
Section 41 of the Companies Act, 2013 is simply interesting provision which leave everything for legislative capacity of executives. We have discussed this provision earlier here.
Under wide powers, the Ministry framed the Companies (issue of Global Depository) Rules 2014.
In this post, we will discuss dematerialisation of shares, Refund of application money and payment of commission on issue of share capital.
DEMATERIALISATION OF SECURITIES
Section 29 of the Companies Act 2013, say every company making public offer; and such other class or classes of companies as may be prescribed shall issue the securities only in the dematerialised form. This section was discussed in detail earlier on this blog here.
Rule 9 of the Companies (Prospectus and Allotment of Securities) Rules 2014 prescribes that the promoters of every public company making a public offer of any convertible securities may hold such securities only in dematerialized form. The entire holding of convertible securities of the company by the promoters held in physical form up to the date of the initial public offer shall be converted into dematerialized form before such offer is made and thereafter such promoter shareholdings shall be held in dematerialized form only.
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Posted in Chapter III - CA2013, Companies Act 2013, Governance and Responsibility
Tagged Companies Act 2013, Corporate Law, Dematerialisation of Securities, India, Ministry of corporate affairs, Prospectus, Refund of Application Money, Securities, Share, The Companies (Prospectus and Allotment of Securities) Rules 2014, Underwriting Commission
Section 42 of the Companies Act, 2013 allows any company, whether private or public, to make private placement of securities through issue of a “Private Placement Offer Letter” (PPOL). We have discussed provision of the Section earlier here.
In addition of Section 42, Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules 2014 prescribes all fine prints of the private placement.
As we discussed earlier here, sub – section (4) of Section 39 of the Companies Act 2013 says, “Whenever a company having a share capital makes any allotment of securities, it shall file with the Registrar a return of allotment in such manner as may be prescribed”. Rule 12 of the Companies (Prospectus and Allotment of Securities) Rules 2014 prescribes this manner.
Whenever a company having a share capital makes any allotment of its securities, the company shall, within thirty days thereafter, file with the Registrar a return of allotment in Form PAS – 3, along with the fee as specified in the Companies (Registration Offices and Fees) Rules, 2014.
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