Section 35D: Issuing Shares to Qualified Institutional Buyers to Meet Public Shareholding Levels in Compliance with Regulations.

Deduction u/s. 35D - shares may have been allotted only to selected Qualified Institutional Buyers ("QIBs") - These regulations provide that when a company has a public shareholding lower than the requirements specified, then the company may issue IPP to QIBs and raise the public shareholding to the required levels. It thus implies that QIBs form part of public. Further, even Reg. 82 which gives conditions for QIP, provides that the same must be in compliance with the requirements of public shareholding. - AT .....

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