Section 77 in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
77. Payment of consideration.
(1)Full consideration of specified securities other than warrants issued under this Chapter shall be paid by the allottees at the time of allotment of such specified securities:Provided that in case of a preferential issue of specified securities pursuant to a scheme of corporate debt restructuring as per the corporate debt restructuring framework specified by the Reserve Bank of India, the allottee may pay the consideration in terms of such scheme.(2)An amount equivalent to at least twenty five per cent. of the consideration determined in terms of regulation 76 shall be paid against each warrant on the date of allotment of warrants.(3)The balance seventy five per cent. of the consideration shall be paid at the time of allotment of equity shares pursuant to exercise of option against each such warrant by the warrant holder.(4)In ease the warrant holder does not exercise the option to take equity shares against any of the warrants held by him, the consideration paid in respect of such wan-ant in terms of sub-regulation (2) shall be forfeited by the issuer.
