Rule 5 - Certain companies not eligible - Companies (Listing of equity shares in permissible jurisdictions) Rules, 2024

5. Certain companies not eligible .- A company shall not be eligible for issuing its equity shares for listing in accordance with these rules, in case it (a) has been registered under section 8 or declared as Nidhi under section 406 of the Act; (b) is a company limited by guarantee and also having share capital; (c) has any outstanding deposits accepted from the public as per Chapter V of the Act and rules made thereunder; (d) has a negative net worth; Explanation. For the purposes of this clause, the expression net worth shall have the same meaning as assigned to it under clause (57) of section 2 of the Act; (e) has defaulted in payment of dues to any bank or public financial institution or non-convertible debenture holder or any other secured creditor: Provided that this clause shall not apply if the company had made good the default and a period of two years had lapsed since the date of making good the default; (f) has made any application for winding-up under the Act or for resolution or winding-up under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and in case any proceedings against the company for winding-up under the Act or for resolution or winding-up under the Insolvency and Bankruptcy code, 2016 (31 of 2016) is pending; (g) has defaulted in filing of an annual return under section 92 or financial statement under section 137 of the Act within the specified period.