A private placement shall be made only to a select group of persons who have been identified by the Board and whose number shall _______________ excluding the qualified institutional buyers and employees of the company in a financial yea

Section 42.Offer or invitation for subscription of securities on private placement- (2) A private placement shall be made only to a select group of persons who have been identified by the Board (herein referred to as “identified persons”), whose number shall not exceed fifty or such higher number as may be prescribed [excluding the qualified institutional buyers and employees of the company being offered securities under a scheme of employees stock option in terms of provisions of clause (b) of sub-section (1) of section 62], in a financial year subject to such conditions as may be prescribed.- Companies (Prospectus and Allotment of Securities) Rules,2014- Rule14. Private Placement. (2) For the purpose of sub-section (2) of section 42, an offer or invitation to subscribe securities under private placement shall not be made to persons more than two hundred in the aggregate in a financial year.