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    In Right Issue Whether Separate Bank Account is mandatory to open

    Posted By : SARIKA / Published on : 30-Sep-2022 11:33 AM / View : 196 / Comment : 0

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    If you are issuing shares on rights basis to existing holders, then no need to go for a separate bank account but if we doing for new shareholders is it mandatory ?

    section 62 (1) (a) tells us about Right issue. and valuation report/special resolution and separate bank account is not required for right issue but for public issue and private placement it is required.

    section 62 (1) (c) is about private placement.
    If we are triggering 62(1) (c) which speaks of issue of shares to other than existing holders.

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