25 September 2012
The paid up capital of the company consist only of equity shares.can the Company reclasify those equity shares into equity and preference shares?
25 September 2012
Reclassification of equity shares into equity and preference shares is possible provided same is (1) authorised in AOA, (2) applicable resoultoin is passed at Board Meeting and (3) filing with ROC within due date.
25 September 2012
Company can reclassify its share capital. Procedure - 1. tak a board meeting and pass the necessary resolution and also approve the notice to convene the general meeting. 2. hold general meeting and pass the ordinary resolution or spl resolution (as per AoA), 3. file Form 5 together with Form 23 (if passed by spl resolution) with in 30 days.
25 September 2012
Yes the company can reclassify its Authorised share capital and issue shares accordingly, for this MOA needs to be amended and form 5 is to be filed.