Committee for allotment of shares
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 May 2011
Dear All,
An unlisted public company, with 4 directors, wants to issue shares on rights basis. Can the allotment be made by Committee of directors. If so, can 2 directors form a valid committee.
Pl treat the matter as most urgent.
An unlisted public company, with 4 directors, wants to issue shares on rights basis. Can the allotment be made by Committee of directors. If so, can 2 directors form a valid committee.
Pl treat the matter as most urgent.
18 May 2011
Allotment in Committee Meeting with quorum of 2 Director can be done subject to the constitution and power of committee.
For this read the board resolution through which committee is constituted. If board had delegated power of allotment and decided minimum quorum of 2 then you can...
For this read the board resolution through which committee is constituted. If board had delegated power of allotment and decided minimum quorum of 2 then you can...
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19 May 2011
In my opinion, in case of a Public Limited Company, the committee of Board must consist of atleast 3 Directors......
19 May 2011
In my opinion, in case of a Public Limited Company, the committee of Board must consist of atleast 3 Directors......
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19 May 2011
Provisions relating to Committee are available in Listing Agreement, which only applicable on Public Listed Company.
In case of Private Company and Unlisted Public Company, committee is controlled and managed by AOA and Board Resolution.
As the same in above case.
In case of Private Company and Unlisted Public Company, committee is controlled and managed by AOA and Board Resolution.
As the same in above case.
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20 May 2011
Expert!
The Board of Directors of a Public Limited Company, whether listed or not shall consist of atleast 3 Directors. As per section 292A of the Companies Act, 1956 an Audit Committee of a Public Limited Company must consist of atleast 3 Directors. The Act is silent on the constitution of any other Committee constituted by the Board but looking at the intention of regulators and draftors of the Act, it is evident that the Committee of the Board of Directors of a Public Limited Company should consist of atleast 3 Directors. The quorum of the committee meeting may be as decided by the Board of Directors of the Company.This is my opinion.
The Board of Directors of a Public Limited Company, whether listed or not shall consist of atleast 3 Directors. As per section 292A of the Companies Act, 1956 an Audit Committee of a Public Limited Company must consist of atleast 3 Directors. The Act is silent on the constitution of any other Committee constituted by the Board but looking at the intention of regulators and draftors of the Act, it is evident that the Committee of the Board of Directors of a Public Limited Company should consist of atleast 3 Directors. The quorum of the committee meeting may be as decided by the Board of Directors of the Company.This is my opinion.
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20 May 2011
I mean the same.
Apart from Audit committee no other committee is regulated by Act and thus if any other committee is constituted by Board the same will be regulated through board resolution quorum powers etc.. all.
Apart from Audit committee no other committee is regulated by Act and thus if any other committee is constituted by Board the same will be regulated through board resolution quorum powers etc.. all.
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30 January 2013
Apart from Audit Committee the Act also prescribes formation of Remuneration Committee with atleast three non-executive independent directors.
Schedule XIII
Schedule XIII
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