Company Registration in Tirupur
Statement of deviations in use of issue proceeds
- The agrees to furnish to the stock exchange on a quarterly basis, a statement indicating material deviations, if any, in the use of proceeds of a public or rights rights issue from the objects stated in the offer document.
- Where the company has appointed monitoring agency has pointed out any deviation in the use of the proceeds of the issue from the objects stated in the offer document or has given any other reservations about the end use of funds, the company agrees to intimate the same to the stock exchange, without any delay.
- The information mentioned in the sub-clause(1) shall be furnished to the stock exchange along with the interim or annual financial results submitted under clause 41 and shall be published in the newspapers simultaneously with the interim or annual financial results, after placing it before the Audit Committee in terms of clause 49.
- The information mentioned in sub-clause(2) shall after review by the Audit Committee, be furnished to the stock exchange as and when received and shall simultaneously be published in the newspapers.
- The statement referred to in clause (1) shall also be made within 30 days of the closure of the public issue;
- It shall pay interest @ 15% per annum if the allotment has not been made and/or the refund orders have not been dispatched to the investors within 30 days from the date of the closure of the issue.
The company should ensure equitable treatment of all shareholders, including minority and foreign shareholders.
- All shareholders of the same series of a class should be treated equally.
- Effective shareholder participation in Key Corporate Governance decisions, such as the nomination and election of Board members, should be facilitated.
- Exercise of voting rights by foreign shareholders should be facilitated.
- The company should devise a framework to avoid insider trading and abusive self dealing.
- Processes and procedures for general shareholder meetings should allow for equitable treatment of all shareholders.
- Company procedures should not make it unduly difficult or expensive to cost votes.
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