October 19, 2020
Summary of the notification issued by MCA on 16/10/2020
Procedural amendment with respect to Private Placement offers made to Qualified Institutional Buyers under the Companies Act 2013 and its Rules
Through this amendment, it will now suffice if the company that makes an offer or invitation to subscribe to securities to the Qualified Institutional Buyers through private placement, obtains members’ approval through a previous special resolution only once in a year for all the allotments to such buyers during the year, as against the earlier requirement to pass a special resolution for each of the offers or invitations.
This notification is integrated in our free to use website www.ca2013.com for your easy reference.