Exemption dematerlize securities - Some Public Companies- Series - 411
Exemption dematerlize
securities-
Amended Rules 22.01.2019
Article updated as on 22nd January, 2019
Earlier
Provision:
MCA vide it's notification
dated September 10, 2018 inserted Rule 9A in Companies (Prospectus and
Allotment of Securities) Rules, 2014, making it mandatory for all the unlisted
public companies to dematerlize it's securities w.e.f. October 2, 2018 without any
exemption to Nidhi Company or Government Company (unlisted public company).
MCA on 22nd January, 2019 has published Companies (Prospectus
and Allotment of Securities) Amendment Rules, 2019. By these amended rules “in
rule 9A, after sub-rule (10)” follow new rules inserted
This
rule shall not apply to an unlisted public company which is:
(a)
A Nidhi;
(b)
A Government company or
(c)
A wholly owned subsidiary.”
Whether Nidhi Company as a public Company required getting
its securities dematerlize?
W.e.f. 22nd
January, 2019 MCA has given exemption to Nidhi Companies from the provisions of
dematerialization. Therefore, one can opine that Nidhi Company don’t required to
get its share in Demat.
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(Author – CS Divesh
Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi
and can be contacted at csdiveshgoyal@gmail.com)
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