ALLOTMENT COMMITTEE
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 December 2010
if we have a public listed company and it wants to appoint allotment committee, then who can be the members is any requirement forminimum no. of membrs and quorum for it ??
20 December 2010
Hi...
Nothing has been prescribed under the Listing Agreement pertaining to such 'Allotment Committee' .
In my opinion, constitution of such committee should be like Audit Committee, Shareholder's Grievance Committee, Remuneration Committee etc. That is to say, such committee should consist of at least 3 Directors of whom not less than 2/3rd shall be Independent Directors and the Chairman of such committee must also be an Independent Director.
However, this is my personal opinion.
God Bless
Udit Sharma
Nothing has been prescribed under the Listing Agreement pertaining to such 'Allotment Committee' .
In my opinion, constitution of such committee should be like Audit Committee, Shareholder's Grievance Committee, Remuneration Committee etc. That is to say, such committee should consist of at least 3 Directors of whom not less than 2/3rd shall be Independent Directors and the Chairman of such committee must also be an Independent Director.
However, this is my personal opinion.
God Bless
Udit Sharma
20 December 2010
Very much agree with the expert...
As constitution of allotment committee is not a statutory requirement as per Listing Agreements, so you are free to adopt any suitable constitution.
However i would also advice you to appoint independent dir as member of allotment committee.
Regards
As constitution of allotment committee is not a statutory requirement as per Listing Agreements, so you are free to adopt any suitable constitution.
However i would also advice you to appoint independent dir as member of allotment committee.
Regards
20 December 2010
Oops...i have one more suggestion. You may give the power of allotment to any existing committee by passing necessary resolution for change in terms of reference of the existing committee.
In this way you don't have to constitute a new committee.
Regards
In this way you don't have to constitute a new committee.
Regards
21 December 2010
Agree with the experts. It is advisable to have Director-Finance (in-charge of Finance and Secretarial functions) and two other independant directors as member of allotment committee.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- GST ON EXPORT COMMISSION
- Inventory of finished goods
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
