08 July 2010
AB ltd., a public company wants to increase their issued capital (with in authorised limit). Is the company need to pass the resolution in its AGM? If yes, as a Ordinary Resolution of Special Resolution?
08 July 2010
As per companies act further issue of shares should be made to all in the proportion of the existing proportion of shares held by the shareholders i. e. a right issue of shares should be made which can be made by passing a resolution in the board meeting also.
For preferential issue of shares by a public company you have to obtain shareholders approval u/s 81(1A) by passing spacial resolution.
09 July 2010
Section 81 is applicable to a public company and as per sec. 81 u hv to allot additional shares to the existing shareholders.
However if u do not want to allot additional share to the existing shareholders then you may allot them to the outsiders. This is called preferential allotment.
However for this preferential you have to take approval of existing shareholders through passing of shareholders in the general meeting u/s 81(1A).
Also file form 23 with in 30 days of passing special resolution with ROC.
09 July 2010
PROCEDURE FOR ALLOTMENT AFTER GETTING APPROVAL OF SHAREHOLDERS FOR PREFERENTIAL ALLOTMENT
Return of allotment is required to be submitted u/s 75 by filing form-2 with concerned Registrar of Company.
Procedure
1. First convene board Meeting for allotment of equity shares and pass necessary resolution for allotment. 2. Download form-2 from MCA Site www.mca.gov.in 3. Fill form-2 and attach list of allottee. 4. Get form-2 certified from practicing CS/CA and upload the same on MCA Site.
11 July 2010
I have a situation as follows. AB ltd a public company passed 2 resolution in sep 2000.One is to increase the number of authorised capital from 200 to 400.Second is authorising the board of directors to allot shares to anyone. In the financial year 2009-10 the company receives share money for 10 shares. What are the procedures the company had to comply?
12 July 2010
The company passed resolution in sep 2000 and have received share application money now in f. y. 2009 - 10.
There should be some time limit in which the shares should be alloted. Certainly cannot be after 10 years. A fresh resolution may be passed for the same.
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