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such money is not repaid within 8 days from the day the Company becomes liable to repay it, the Company and
every Director of the Company who is an officer in default shall, on and from expiry of 8 days, be jointly and
severally liable to repay the money with interest as prescribed under Section 73 of the Companies Act.
For further instruction(s), please read the CAF carefully.
Basis of Allotment
The basis of allotment shall be finalized by the Board of Directors of the our Company or Committee of
Directors of Our Company authorized in this behalf by the Board of Directors of the Company.
1.
Subject to provisions contained in this Draft Letter of Offer, the Articles of Association of the Company
and approval of the Designated Stock Exchange (BSE), the Board will proceed to allot the Equity
Shares in the following order of priority:
a)
Full allotment to those Equity Shareholders who have applied for their Rights Entitlement either in full
or in part and also to the Renouncees(s) who has/ have applied for Equity Shares renounced in their
favour, in full or in part. (subject to the other provisions contained under the paragraph titled
“Renunciation”).
b)
Allotment to the Equity Shareholders who having applied for all the Equity Shares offered to them
as part of the Issue and have also applied for additional Equity Shares. The allotment of such additional
Equity Shares will be made as far as possible on an equitable basis having due regard to the number
of Equity Shares held by them on the Record Date, provided there is an undersubscribed portion
after making full allotment in (a) above. The allotment of such Equity Shares will be at the
sole discretion of the Board of Directors of the Company/Committee of Directors in consultation
with the Designated Stock Exchange, as a part of the Rights Issue.
c)
Allotment to the Renouncees who having applied for the Equity Shares renounced in their favour
have also applied for additional Equity Shares, provided there is surplus after making full allotment in
(a) and (b) above. The allotment of such additional Equity Shares will be made on a
proportionate basis at the sole discretion of the Board of Directors of the Company/ Committee of
Directors in consultation with the Designated Stock Exchange, as a part of the Rights Issue.
d)
Allotment to any other person as the Board may in their absolute discretion deem fit, provided there is a
surplus after making full allotment under (a), (b), (c) above.
2.
The Company shall not retain any over subscription.
3.
After taking into account the allotments made under 1(a), 1(b) and 1(c) above, if there is still any
under subscription, the unsubscribed portion shall be disposed off by the Board of Directors of the
Company or Committee of Directors authorized in this behalf by the Board of Directors of the Company
upon such terms and conditions and to such person/ persons and in such manner as the Board of
Directors of the Company/ Committee of Directors may in its absolute discretion deem fit, as part of the
Rights Issue and not preferential allotment.
(F)
ALLOTMENT ADVICES/ REFUND ORDERS
The Company will issue and dispatch allotment advice/ Equity Share certificates/ demat credit and/ or letters of
regret along with refund order or credit the allotted securities to the respective beneficiary accounts, if any,
within a period of 15 (fifteen) days from the date of closure of the Issue. If such money is not repaid within 8
(eight) days from the day the Company becomes liable to pay it, the Company shall pay that money with
interest as stipulated under section 73 of the Companies Act.
Investors residing in the 68 cities specified by SEBI pursuant to its circular dated February 1, 2008, with
amendments, if any, will get refunds through ECS only except where the Investors are otherwise disclosed as
applicable/ eligible to get refunds through direct credit and RTGS, provided the MICR details are recorded
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with the Depositories or the Company.
In case of those Investors who have opted to receive their Rights Entitlement in dematerialized form using
electronic credit under the depository system, and advice regarding their credit of the Rights Equity Shares shall
be given separately. Investors to whom refunds are made through electronic transfer of funds will be sent a letter
through Registered Post / Speed Post intimating them about the mode of credit of refund within 15 (fifteen)
working days of the Issue Closing Date.
In case of those Investors who have opted to receive their Rights Entitlement in physical form, the Company
will issue the corresponding share certificates under Section 113 of the Companies Act, 1956 or other applicable
provisions.
In case no corresponding record is available with the Depositories that matches three parameters, namely, names
of the Equity Shareholders (including the order of names of joint holders), the DP ID and the beneficiary account
number, then such applications are liable to be rejected.
Allotment of Equity Shares to non-residents and the issue of letters of allotment/ share certificates to non-
residents shall be subject to the approval received from RBI.
For non-resident applicants, refunds, if any, will be made as under:
•
Where applications are accompanied by Indian Rupee Drafts purchased abroad and payable at Chennai,
India, refunds will be made in convertible foreign exchange equivalent to Indian Rupees to be refunded.
Indian Rupees will be converted into foreign exchange at the rate of exchange, which is prevailing on the
date of refund. The exchange rate risk on such refunds shall be borne by the concerned applicant and the
Company shall not bear any part of the risk.
•
Where the applications made are accompanied by NRE/ FCNR/ NRO cheques, refunds will be credited to
NRE/ FCNR/ NRO accounts respectively, on which such cheques are drawn and details of which are
provided in the CAF.
The letter of allotment / refund orders would be sent by registered post/speed post to the sole/first applicant's
registered address. Such refund orders would be payable at par at all places where the applications were
originally accepted. The same would be marked ‘A/c Payee only’ and would be drawn in favour of the sole/first
applicant.
Mode of making refunds
The payment of refund, if any, would be done through any of the following modes:
1.
ECS/ NECS – Payment of refund would be done through ECS/ NECS for Investors having an account at any
centre where such facility has been made available. This mode of payment of refunds would be subject to
availability of complete bank account details including the MICR code as appearing on a cheque leaf, from
the Depositories. The payment of refunds is mandatory for Investors having a bank account at any centre
where ECS/ NECS facility has been made available by the RBI (subject to availability of all information for
crediting the refund through ECS/NECS), except where the Investor, being eligible, opts to receive refund
through National Electronic Fund Transfer (NEFT), direct credit or RTGS.
2.
NEFT – Payment of refund shall be undertaken through NEFT wherever the Investors’ bank has been
assigned the Indian Financial System Code (IFSC), which can be linked to a MICR, if any, available to that
particular bank branch. IFSC Code will be obtained from the website of RBI as on a date immediately prior
to the date of payment of refund, duly mapped with MICR numbers. Wherever the Investors have registered
their nine digit MICR number and their bank account number while opening and operating the demat
account, the same will be duly mapped with the IFSC Code of that particular bank branch and the payment of
refund will be made to the Investors through this method.
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