Section 29:
Public offer of securities to be in dematerialised form.
(1) Notwithstanding anything
contained in any other provisions of this Act,--
(a) every company making public offer; and
(b) such other class or classes of 1*** companies as may be prescribed,
shall issue the securities only in dematerialised form by complying with the provisions of the Depositories
Act, 1996 (22 of 1996) and the regulations made thereunder.
2[(1A) In case of such class or classes of unlisted companies as may be prescribed, the securities shall
be held or transferred only in dematerialised form in the manner laid down in the Depositories Act, 1996
and the regulations made thereunder.]
(2) Any company, other than a company mentioned in sub-section (1), may convert its securities into
dematerialised form or issue its securities in physical form in accordance with the provisions of this Act
or in dematerialised form in accordance with the provisions of the Depositories Act, 1996 (22 of 1996)
and the regulations made thereunder.
Notes:
1. The word "public" omitted by Act 22 of 2019, s. 7 (w.e.f. 15-8-2019).
2. Ins. by s. 7, ibid. (w.e.f. 15-8-2019).