Insertion of proviso after sub-rule (2) of rule 9 of the Companies (Issue of Share Certificates) Rules, 1960 - GSR 476(E), - Companies Law

NOTIFICATION NO. GSR 476(E), DATED 16-10-1996, ISSUED BY THE DEPARTMENT OF COMPANY AFFAIRS, MINISTRY OF FINANCE Subject:- Insertion of proviso after sub-rule (2) of rule 9 of the Companies (Issue of Share Certificates) Rules, 1960 GSR 476(E).- In exercise of the powers conferred by clause (b) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Issue of Share Certificates) Rules, 1960, namely: 1. (1) These rules may be called the Companies (Issue of Share Certificates) Amendment Rules, 1996 (2) They Shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Issue of Share Certificates) Rules, 1960, in rule 9, after sub-rule (2), the following proviso shall be inserted, namely: " Provided that nothing in this sub-rule shall apply to cancellation of the certificates of security, under sub-section (2) of section 6 of the Depositories Act, 1996 (22 of 1996), when such certificates are cancelled in accordance with sub-regulation (5) of regulation 54 of Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 made under section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 25 of the Depositories Ordinance, 1996 (Ord. 17 of 1996)."