Issue of shares by a public company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 September 2011
Can an unlisted Public company go for private placement to existing shareholders, directors & their relatives? what are the requirements that should be complied by the company as per companies act?
10 September 2011
Yes...provided you do not violate section 67 of the companies Act wherein a limit of 50 persons are laid down. From the facts it appears that it is a domestic issue of the company and hence can issue upto 50 persons. This ceiling of 50 shall not apply to NBFC.
siva208@yahoo.com
siva208@yahoo.com
12 September 2011
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