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Date: 20-Sep-2024 Category: Extra Ordinary State: Union Government Country: India

Companies Prospectus and Allotment of Securities Amendment Rules 2024

Issued by Ministry of Corporate Affairs · Not Applicable

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Executive Summary & Key Takeaways

Key Changes

  • A proviso has been added to sub-rule (2) of rule 9B of the Companies (Prospectus and Allotment of Securities) Rules, 2014.
  • This proviso grants producer companies a five-year period from the closure of their financial year to comply with the requirements of sub-rule (2) of rule 9B.
  • The amendment came into effect on the date of its publication in the Official Gazette (September 20, 2024).

What it means

  • This gazette notification announces the Companies (Prospectus and Allotment of Securities) Amendment Rules, 2024. These rules amend the Companies (Prospectus and Allotment of Securities) Rules, 2014.
  • The amendment focuses on providing a five-year grace period for producer companies to comply with sub-rule (2) of rule 9B of the 2014 rules, related to the closure of a financial year.

Impact Analysis

Impact on Producer Companies

  • Action Item: Producer companies should review the amended rules, assess their compliance status, and create a plan to meet the requirements within the five-year grace period.

Impact on Regulatory Authorities

  • Action Item: Develop a monitoring and enforcement strategy to ensure compliance within the extended timeframe. This may involve targeted inspections and increased communication with producer companies.

Impact on Investors

  • Action Item: Investors should monitor the compliance of producer companies within their portfolios, particularly towards the end of the five-year period.

Key Entities Referenced

Companies Act, 2013 (18 of 2013): The primary legislation under which the amendment rules are made. Companies (Prospectus and Allotment of Securities) Rules, 2014: The rules amended by the notification. Specifically, sub-rule (2) of rule 9B is affected. Central Government: The entity responsible for issuing the amendment rules. Producer Companies: The entities directly affected by the amendment, receiving a five-year extension for compliance.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-21092024-257343 CG-DxLx-xEG-I2D1H0x9x2x0 24-257343 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 541] नई दिल्ली, िुक्रवार, जसतम्ब र 20, 2024/भार 29, 1946 No. 541] NEW DELHI, FRIDAY, SEPTEMBER 20, 2024/BHADRA 29, 1946 कारपोरेट कार् य मत्रं ालर् अधिसचू ना नई दिल् ली, 20 जसतम्ब र, 2024 सा.का.जन. 583(अ).— केन्द्रीर् सरकार, कंपनी अजधजनर्म, 2013 (2013 का 18) की धारा 469 के साथ पठित धारा 26, धारा 27 की उप-धारा (1), धारा 28, धारा 29, धारा 31 की उप-धारा (2), धारा 39 की उप-धारा (3) और उप-धारा (4), धारा 40 की उप-धारा (6) और धारा 42 द्वारा प्रित्त िजिर्ों का प्रर्ोग करते हुए, कंपनी (प्रोस्ट्पेक्टस और प्रजतभूजतर्ों का आबंटन) जनर्म, 2014 का और संिोधन करन ेहते ु जनम्नजलजखत जनर्म बनाती ह,ै अथायत:् ― 1. (1) इन जनर्मों का संजिप्त नाम कंपनी (प्रोस्ट्पेक्टस और प्रजतभूजतर्ों का आबंटन) संिोधन जनर्म, 2024 ह।ै (2) र् े रािपत्र म ेंइनके प्रकािन की तारीख को प्रवृत्त होंगे। 2. कंपनी (प्रोस्ट्पेक्टस और प्रजतभूजतर्ों का आबंटन) जनर्म, 2014 म,ें जनर्म 9ख के उप-जनर्म (2) म,ें जनम्नजलजखत परन्द्तुक अंतःस्ट्थाजपत दकर्ा िाएगा:― “परंत ु र्ह दक इस उप-जनर्म के अधीन आने वाली कोई उत्पािक कंपनी, ऐस े जवत्तीर् वर्य की समाजप्त के पांच वर्य की अवजध के भीतर इस उप-जनर्म का पालन करेगी।”। [फा. सं. 01/21/2013-सीएल-V] मनोि पाण्डेर्, अपर सजचव 6100 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] ठटप्पण: मलू जनर्म भारत के रािपत्र, असाधारण, भाग II, खडं 3, उपखंड (i) म ें संख्र्ा सा.का.जन. 251(अ), तारीख 31 माचय, 2014 के द्वारा प्रकाजित दकए गए थ े और अजधसूचना सा.का.जन. 802(अ), तारीख 27 अिूबर, 2023 के द्वारा अंजतम बार संिोजधत दकए गए। MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 20th September, 2024 G.S.R. 583(E).—In exercise of the powers conferred by section 26, sub-section (1) of section 27, section 28, section 29, sub-section (2) of section 31, sub-sections (3) and (4) of section 39, sub-section (6) of section 40 and section 42 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Prospectus and Allotment of Securities) Rules, 2014, namely:― 1. (1) These rules may be called the Companies (Prospectus and Allotment of Securities) Amendment Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Prospectus and Allotment of Securities) Rules, 2014, in sub-rule (2) of rule 9B, the following proviso shall be inserted, namely: ― “Provided that a producer company covered under this sub-rule shall, within a period of five years of closure of such financial year, comply with the provision of this sub-rule.”. [F. NO. 1/21/2013-CL-V] MANOJ PANDEY, Addl. Secy. Note:—The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 251(E), dated the 31st March, 2014 and last amended vide notification G.S.R. 802(E), dated the 27th October, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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