Is it possible to pass special resolution for amendment of AOA for authorising reduction of share capital and at the same time authorisig reduction of share capital in the same general meeting???
Regards
Priya Sharma
5 Replies
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 24 October 2009
YES it is very much possible.
1. First resolution would be for amendment of AOA.
2. Second resolution would be For reduction.
Ajay Mishra
(Company Secretary)
(74337 Points)
Replied 24 October 2009
Dear Ms. Priya
You can pass special resolution under section 100 read with section 31 of the companies act, 1956, there is no need to pass another special resolution to alter AOA of the company on the same matter.
Regards
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 24 October 2009
Dear Sir,
Kindly appreciate if there is no power in AOA for reduction of capital then first you have to amend your AOA as desired by section 100. AOA authorisation is must for reduction of capital under section 100.
The relevant section is 100 and not section 94.
Regards
Priya Sharma
(Company Secretary & Student.MBA)
(998 Points)
Replied 24 October 2009
Thank you very much Sir.
Nitin Grover
(CS)
(1228 Points)
Replied 24 October 2009
Dear Priya
yes S.R is reruired or you can also ammendmenat in MOA for reducing value of shares or shares for reduction
but remember one thing you have to go by the permission of TRIBUNAL (Court was there now tribunal) no matter how u r going but permission is compulsory
Thanks
Nitin Grover
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