The Ministry of Corporate Affairs (MCA) on May 22, 2019, has published the Companies (Prospectus and Allotment of Securities) Third Amendment Rules, 2019 to further amend the Companies (Prospectus and Allotment of Securities) Rules, 2014, to come into effect from September 30, 2019.
The key highlights of the amendments are:
- In Rule 9A which talks about “Issue of securities in dematerialised form by unlisted public companies”, the sub-rule (8) has been substituted, namely:
- (8) Every unlisted public company governed by this rule shall submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules, 2014 within sixty days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice.
- (8A) The Company shall immediately bring to the notice of the depositories any difference observed in its issued capital and the capital held in dematerialised form.”
- A new Form PAS-6 has been inserted which specifies the “Reconciliation of Share Capital Audit report on half yearly basis”. All the information shall be furnished for the half year ended September 30 and March 31 in every financial year for each ISIN separately.
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