Issue of Share in Lieu of Merger
This query is : Resolved
Jagruti (CS)
(Querist)
24 June 2008
Hi,
In case of Merger when shares are issued to shareholders of transferor company; do shareholder of transferor company, being company, need to pass resolution for the same.
Please advice.
In case of Merger when shares are issued to shareholders of transferor company; do shareholder of transferor company, being company, need to pass resolution for the same.
Please advice.
24 June 2008
why there is a need for resolution...? because the transferor company is already sold off....
Jagruti (CS)
(Querist)
24 June 2008
thank you for reply but just to clarify for instance:
XYZ-- Transferor
PQR-- Transferee
ABC-- Shareholder of transferor
ABC Pvt. Ltd. being shareholder of transferor compnay(XYZ) received shares from transferee(PQR).
So do any resolution needed to be passed by ABC Co.
XYZ-- Transferor
PQR-- Transferee
ABC-- Shareholder of transferor
ABC Pvt. Ltd. being shareholder of transferor compnay(XYZ) received shares from transferee(PQR).
So do any resolution needed to be passed by ABC Co.
CA. Yayati Tyagi
(Expert)
24 June 2008
i don't think ABC need to pass any resolution in shareholder meeting. they are just selling the investment of company. only board of directors of ABC need to pass a resolution in board meeting to authorise the sale of investment.
CA. Yayati Tyagi
(Expert)
24 June 2008
open
24 June 2008
No resolution is required in the books of the SHARE HOLDER i mean the ABC LId... WHY SHOULD THE SHAREHOLER PASS A RESOLUTION???
Jagruti (CS)
(Querist)
25 June 2008
Thank you.
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