As per the Companies Act and related Rules, every private company is required to issue securities only in a dematerialised form and facilitate dematerialisation of all its securities. Which of the following is an exception to this rule?

9B. Issue of securities in dematerialised form by private companies:- (1) Every private company, other than a small company , shall within the period referred to in sub-rule (2) – (a) issue the securities only in dematerialised form; and (b) facilitate dematerialisation of all its securities, in accordance with provisions of the Depositories Act, 1996 (22 of 1996) and regulations made thereunder. (2) A private company, which as on last day of a financial year, ending on or after 31st March, 2023, is not a small company as per audited financial statements for such financial year, shall, within eighteen months of closure of such financial year, comply with the provisions of this rule. (extended to Juan 30, 2025). Provided that a producer company covered under this sub-rule shall, within a period of five years of closure of such financial year , comply with the provision of this sub-rule.