A private limited company wants to forfeit shares of some of its members and re-issue them to new allottees. The articles of the company is silent about the applicability of table A. It also does not provide for the forfeiture of shares . It merely says that the
"The Directors may accept on behalf or for the benefit of the Company surrender of any shares liable for forfeiture so far as the law permits.":
As the AOA does not provide for forfeiture nor speaks about the applicability of Table A, should we first alter the AOA and provide for forfeiture, or proceed with forfeiture without alteration of AOA.
CAclubindia
