15 January 2013
In case of merger, if the transferor company is an unlisted company and transferee is listed, then does the transferee company need to give 42 days notice to Stock Exchange for fixing record date?
15 January 2013
Where transferor company is not a listed company, the for- malities prescribed under list- ing agreement do not exist and the allotment could take place without setting the record date or giving any advance notice to shareholders except asking them to surrender their old share certificates for exchange by the new ones.......
The second situation will emerge different where transferor com- pany is a listed company. In this case, the stock exchange is to be intimated of the record date by giving at least 42 days notice or such notice as provided in the listing agreement.
15 January 2013
Thank you. So this means, before holding of BM by the transferee company for allotment of shares, the company has to ask shareholders of transferor company to surrender their old share certificates?
CAclubindia
