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January 2012

Unlisted Public Companies (Preferential Allotment) Amendment Rules, 2011.

By Sejal Vasa, Company Secretary
Reading Time 1 mins
The MCA vide Notification dated 14th December 2011, has issued the Unlisted Public Companies (Preferential Allotment) Amendment Rules, 2011 wherein it has mentioned that Preferential allotment means allotment of share or any other instrument convertible to shares including hybrid instruments issued under the provisions of section 81(1A) i.e., further issue of shares to existing shareholders and the allotment has to be made within 60 days of receipt of application money, else it is to be repaid in 15 days, failing which it is to be repaid with 12% p.a. interest.

The Rules shall come into force on the date of their publication in the Official Gazette.

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