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Is section 42 applicable for Rights Issue of shares under section 62(1)(a)? Are PAS 4 (Letter of Offer) ...

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Is section 42 applicable for Rights Issue of shares under section 62(1)(a)? Are PAS 4 (Letter of Offer) and PAS 5 (Record of Offer) applicable for Rights Issue of shares?

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Open uri20170510 32134 s5bvk0?1494421637 answered

Dear Friend, as far as your query is concerned that Is section 42 applicable for Rights Issue of shares under section 62(1)(a)? Are PAS 4 (Letter of Offer) and PAS 5 (Record of Offer) applicable for Rights Issue of shares? Let me informed that As per section 23 of the Companies Act, 2013, a public company can issue securities:- — To public through prospectus; — Through private placement by complying with the provisions of part II of chapter III; or — Through a rights issue or bonus issue. In case of a private company it can issue securities by any method as mentioned above other than to public through prospectus. Section 42 relates to private placement only and there is no need to comply with the provisions of section 42 in case of rights issue and accordingly PAS-4 and PAS-5 shall not be applicable in case of rights issue. Hope answer was helpful to you Regards, Arjun Pratap Singh

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