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.