Section 372A

This query is : Resolved

Devika (Querist)
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29 December 2009 Is it mandatory to pass shareholders resolution under section 372A by way of Postal Ballot or it can be passed in general meeting?

Arjuna Raina

Arjuna Raina (Expert)
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29 December 2009 it can be passed in general meeting

Devika

Devika (Querist)
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29 December 2009 here the the limit prescribed under Section 372A (of 60% of paid up share capital & free reserves of 100 % of free reserves) is exceeding..then it is compulsory to pass the resolution by postal ballot na?

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Ankur Garg

Ankur Garg (Expert)
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29 December 2009 If your company is a listed company then use of Postal Ballot is mandatory for 372A.

In case of an unlisted company you may go for a general meeting resolution.

For removal of doubts check Postal Ballot Rules, 2001.

Regards

Devika

Devika (Querist)
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29 December 2009 thank you sir.