valid as on 29/10/2020

Regulation 95 - Completion of bonus issue
Effective from 26-08-2009

(1) An issuer, announcing a bonus issue after the approval of its board of directors and not
requiring shareholders’ approval for capitalisation of profits or reserves for making the bonus issue, shall implement the bonus issue within fifteen days from the date of approval of the issue by its board of directors:
Provided that where the issuer is required to seek shareholders’ approval for capitalisation of profits or reserves for making the bonus issue, the bonus issue shall be implemented within two months from the date of the meeting of its board of directors wherein the decision to announce the bonus issue was taken subject to shareholders’ approval.

(2) Once the decision to make a bonus issue is announced, the issue can not be withdrawn.

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