19 January 2016
A company approves offer of letter for private placement in Board meeting for issue of shares worth Rs.20 lacs & then allots only Rs.15 lacs. The Board after 11 months allots shares worth Rs. 5 lacs (balance) based on same offer letter which was circulated 11 months earlier. Can this be done?
If not then is there any timeline where it mentions that allotment w.r.t offer letter has to be completed within a specific period?
CAclubindia
