Section 29 Public offer of securities to be in dematerialised form
- Amendments
- 2
- Last changed
- 15 August 2019
29. Public offer of securities to be in dematerialised form.—
(1) Notwithstanding anything contained in any other provisions of this Act,—
(a) every company making public offer; and
(b) such other class or classes of Text omitted by amendmentThe word “public” omitted by Companies (Amendment) Act, 2019, s. 7, with effect from 15 August 2019 companies as may be prescribed, shall issue the securities only in dematerialised form by complying with the provisions of the Depositories Act, 1996 (22 of 1996) and the regulations made thereunder. Inserted by Companies (Amendment) Act, 2019, s. 7, with effect from 15 August 2019(1A) 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 in the manner laid down in the Depositories Act, 1996 and the regulations made thereunder.
(2) Any company, other than a company mentioned in sub-section (1), may convert its securities into dematerialised form or issue its securities in physical form in accordance with the provisions of this Act or in dematerialised form in accordance with the provisions of the Depositories Act, 1996 (22 of 1996) and the regulations made thereunder.