18 February 2011
Dear Sir(s) Can any one give me guideline that a newly incorporated company (date of incorporatio -15/01/2011)may issue preference share if yes than what are the procedure to be follow
21 February 2011
A newly incorpoated company can issue preference shares, subject, however to the limits stated in MOA Capital Clause.
If the proposed preference share issue is likely to exceed the ASC as stated in MOA / AOA, then MOA / AOA needs to be amended first by holding Shareholders Meeting.
Other procedure is -
1) Pass the Board Resolution 2) Allot shares after receiving money 3) File form 2 with ROC within 30 days of issue of shares 4) Make entries in the Register of Members
CAclubindia
