Som Ltd. wants to make 'rights issue' of shares. As a Company Secretary, advise on the following issues: (i) The aggregate value of securities offered is ₹85 lakh. (ii) The record date for rights issue is 30th June, 2015

(i) The aggregate value of securities offered is ₹85 lakh. Where the aggregate value of the Securities offered is ₹50 Lakhs or more, SEBI (ICDR) Regulations, 2009 are applicable. In the given case, it is ₹80 Lakhs. Hence, the company is required to file a draft offer with fees with SEBI through a Lead Merchant Banker at least 30 days prior to registering the prospectus. (ii) The record date for rights issue is 30th June, 2015. The company desires to withdraw rights issue on 2nd July, 2015. If the issuer withdraws the rights issue after announcing the record date, it shall not make an application for listing of any of its specified securities on any recognised stock exchange for a period of twelve months from the record date. However, the issuer may seek listing of its equity shares allotted pursuant to conversion or exchange of convertible securities issued prior to the announcement of the record date, on the recognised stock exchange where its securities are listed. (iii) The rights issue is open for subscription from 30th June, 2015 to 10th July, 2015. A rights issue shall be open for subscription for a minimum period of fifteen days and for a maximum period of thirty days. In this case it is open for subscription for a period less than the minimum period. Hence it is not valid. (iv) The letter of offer is dispatched through courier to all existing shareholders on 29th June, 2015 when the issue is open for subscription on 30th June, 2015. The abridged letter of offer, along with application form, shall be dispatched through registered post or speed post to all the existing shareholders at least three days before the date of opening of the issue. In this case letter of offer is dispatched through courier and that too just one day before the date of opening of issue. Hence it is not valid. (v) The record date is 30th June, 2015. On 2nd July, 2015, the issue price of shares is decided. The issue price shall be decided before determining the record date which shall be determined in consultation with the designated stock exchange. In this case it is decided after the record date which is wrong.