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SECURITIES CONTRACTS (REFERENCE TO THE COMPANY LAW BOARD) RULES, 1986
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Whereas certain draft rules were published as required by sub-section (3) of section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), in the Gazette of India, Extraordinary, Part H, Section 3, sub-section (i), dated the 30th September, 1985, under the notification of the Government of India in the Ministry of Finance (Department of Economic Affairs) No, G.S.R. 770(E), dated the 30th September, 1985, inviting objections and suggestions from all persons likely to be affected thereby before the expiry of a period of forty-five days from the date on which the copies of the Gazette of India in which the said notification was published were made available to the public; AND whereas the copies of the Gazette of India were made available to be public on the 22nd October, 1985; AND whereas the objections and suggestions received from the public on the said draft rules have been considered by the Central Government; NOW, therefore, in exercise of the powers conferred by sub-section (1) and clause (ha) of sub-section (2) of section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Central Government hereby makes the following rules, namely :-
RULE 01: SHORT TITLE AND COMMENCEMENT
(1) These rules may be called the Securities Contract (Reference to the Company Law Board) Rules, 1986.
(2) They shall come into force on the date' of their publication in the Official Gazette.
RULE 02: DEFINITIONS
In these rules, unless the context otherwise requires.
(a) "Act" means the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(b) "Bench" means a Bench of the Company Law Board formed under sub-section (4B) of section IOE of the Companies Act, 1956 (1 of 1956);
(c) "Bench Rules" means the Company Law Board (Bench) Rules, 1975;
(d) "Form" means a form appended to these rules.
RULE 03: NOTICE TO THE TRANSFEROR AND THE TRANSFEREE
The notice referred to in clause (b) of sub-section (4) of section 22Aof the Act, shall be in Form No. 1.
RULE 04: REFERENCE TO THE COMPANY LAW BOARD
Every reference under clause (c) of sub-section (4) of section 22A-of the Act, as referred to in sub-section (5) of that section, shall be in Form No. 10 of Appendix I to the Bench Rules and shall be accompanied by such documents and enclosures as are specified in Appendix II to the said rules.
RULE 05: FEES
Every reference under rule 4-shall be accompanied by a fee of rupees one hundred only.
FORM 1: NOTICE TO THE TRANSFEROR AND TRANSFEREE
To 1. Mr./ Mrs. / Ms./ Messrs....................... (The Transferor) 2. Mr./Mrs./Ms./Messrs........................ (The Transferee) The instruments of transfer of securities of the company (as per details given in the Annexure to this notice) was/were lodged on ..,.....,...,.,... for the purpose of transfer of the said securities in the name of ..................................................................................... (Name and address of the transferee) (hereinafter referred to as "the transferee')from................................................................................................ (Name and address of the transferor) (hereinafter referred to as 'the transferor") Please take notice that the company has, for the under mentioned reasons, formed, in good faith, the opinion in its Board Meeting held on ........................that the registration of the said securities in the name of the transferee ought to be refused. 3. As required under clause (b) of sub-section (4) of section 22A of the Securities Contracts (Regulation) Act, 1956-, the company hereby informs the transferor and the Transferee, on this (Date)......day of (Month)......of (Year)......that the following requirements of law relating to registration of transfer have not been complied with for securing registration of the aforesaid securities. (Here mention the requirements of law not complied with) Station: Signature: Dated: Name: For and on behalf of the Company, Designation. Annexure referred to in the Notice Distinctive No.......................................... No. and full No. in No. in Description Equity description of Figures Words Shares/Preference securities shares/debentures.
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