Public Advertisement for Issuance of Securities on Private Placement Basis: MCA Slaps Rs. 7 Cr Penalty on Company and Directors
No company issuing securities under section 42 shall release any public advertisements or utilize any media, marketing or distribution channels or agents to inform the public at large about such an issue
The Ministry of Corporate Affairs ( MCA ) has imposed a penalty of Rs. 7 crore on the company and its directors following a public advertisement for the issuance of securities on a private placement basis. The present facts clearly indicate that Planify Platform used by Planify Enterprises Private Limited was a “distribution channel” of…
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