The Ministry of Corporate Affairs on January 24, 2024, issued the Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024.
The following provisions have been stated:
• The provisions of these rules shall apply to unlisted public companies and listed public companies, so far as they are in accordance with regulations framed or directions issued in this regard by the Securities and Exchange Board or the Authority, which issue their securities for the purposes of listing on permitted stock exchanges in permissible jurisdictions.
• An unlisted public company, which does not fall under rule 5 and which has no partly paid-up shares, may issue equity shares for the purposes of listing on a stock exchange in a permissible jurisdiction.
• The unlisted public company shall file the prospectus in e-Form LEAP-1 specified in the Second Schedule along with the fees within a period of seven days after the same has been finalised and filed in the permitted exchange.
• A company shall not be eligible for issuing its equity shares for listing in accordance with these rules, in case it —
o has been registered under section 8 or declared as Nidhi under section 406 of the Act;
o is a company limited by guarantee and also having a share capital;
o has any outstanding deposits accepted from the public as per Chapter V of the Act and rules made thereunder;
o has a negative net worth;
They shall come into force on January 24, 2024.
[Notification No. G.S.R. 61(E)
