Dear Members
I wish to know if a particular scheme of issue of Non- Convertible Debentures is under process and the allotment has not been complete yet, can we proceed to issue equity shares on preferential basis to the 2 identified proposed allot tees?
As Per Sec 42(5), No fresh offer or invitation under this offer shall be made unless the allotments with respect to any offer or invitation made earlier have been completed or that offer or invitation has been withdrawn or abandoned by the Company:
Provided that, subject to the maximum no. of identified persons under sub-section (2), a company may, at any time, make more than one issue of securities to such class of identified persons as may be prescribed.
Kindly clarify.