The Ministry of Corporate Affairs has issued Companies (Prospectus and Allotment of Securities) Amendment Rules, 2014 vide notification G.S.R. (E) to insert a proviso after the second proviso to sub-rule (2) of Rule 14 of Companies (Prospectus and Allotment of Securities) Rules, 2014 under the Companies Act, 2013 as the second proviso provided that in the case of offer or invitation for non-convertible debentures, it shall be sufficient if the company passes a special resolution only once in a year for all the offers made during such year but now the ministry has inserted another proviso which provides as follows:
“That in the case of offer or invitation made within six months of the commencement of this act for non- convertible debentures, the special resolution may be passed within a period of six months from the date of commencement of these rules.”
The notification containing the above details can be accessed at the link below.
Companies (Prospectus and Allotment of Securities) Amendment Rules, 2014
