Form PAS-5 is the complete record of shares issued by private placement to be maintained by a company.
Issue of shares or convertible securities to a specific group of people is called private placement. Under private placement, the offer letter for subscription (in Form PAS-4) is sent to a maximum of 50 selected individuals (excluding the company’s employees) and qualified institutional buyers.
The company must allot shares to individuals who have accepted the offer of private placement within 60 days of receiving the subscription amount from them. The subscription funds must be credited into a separate bank account opened and maintained exclusively for this purpose.