1. The circular discusses rules regarding the filing of Forms PAS-4 and PAS-5 for companies issuing debt securities on a private placement basis. 2. Rule 14(1) requires companies to make offers to subscribe to privately placed securities using Form PAS-4. 3. Rule 14(3) requires companies to maintain records of private placement offers in Form PAS-5 and file copies of the Form PAS-4 offer letter and Form PAS-5 with the Registrar and Securities and Exchange Board within 30 days if listed. 4. Going forward, Forms PAS-4 and PAS-5 must be filed electronically with SEBI in PDF format on a compact disc rather than a physical