Companies act

Sahibdeep Singh

There has been an amendment under this topic. If appearing for Jan, I believe Nov 2020 syllabus is applicable. And thus should refer here. https://resource.cdn.icai.org/60837bos49474.pdf

Sahibdeep Singh

If appearing for May 2020 and onwards, please refer the updated study material. Briefly position is as follows: Section 29 along with Companies (PAS) Rules, 2014 contains provisions regarding demat. Every company making a public offer and such other class or classes of companies (word public has been omitted) as may be prescribed, shall issue the securities only in dematerialised form. With reference to above, prescribed companies as per Rule 9A are unlisted public companies which are to issue securities only in demat form and also facilitate demat of existing securities. Sub-rules of 9A contain details regarding above. Further section 29(1A) was also inserted which states that in case of such class or classes of unlisted companies as may be prescribed, the securities shall be held or transferred only in dematerialised form. No rules have come hereunder. Sec 29(2) and rule 9 provisions remain same.