Offer of RPS was considered as deemed public issue and abide by public issue norms of SEBI

In re Deemed Public Issue Norms (Securities and Exchange Broad of India) Conclusion:  Offer of RPS by the company and pursuant allotment were deemed public issue of securities under the first proviso to Section 67(3) of the Companies Act, therefore, all the noticees were jointly and severally with the company forthwith refund the money collected by the Company, during their respective period of directorship, through the issuance of RPS including the application money collected from investors during their respective period of directorship, till date, pending allotment of securities, if any, wi...