CDS Ltd. is planning to make a private placement of securities. The Managing Director arranged to obtain a brief note from some source explaining the salient features of the issue of a private placement that the Board of Directors shall keep in mind while approving the proposal on this subject. The brief note includes, inter alia, the information/suggestions on the following points: (i) A private placement shall be made only to a select group of identified persons not exceeding 200 in a financial year. The aforesaid ceiling of identified persons shall not apply to the offer made to the qualified institutional buyers but is applicable to the employees of the Company who will be covered under the Company's Employees Stock Option Scheme. (ii) The offer on a private placement basis shall be made only once in a financial year for any number of identified persons not exceeding 200. Does the Company solicit your remarks on the points referred to above as to whether they are valid or not? Reasoned remarks should be given by the provisions of the Companies Act, 2013.