Anirudh Tanvar (Service) (85 Points)
08 January 2009Hi All,
Is it possible that at EGM or AGM there can be increase in Authorised Capital upto 10 Cr from 4 Cr. but paying the stamp duty with form no 5 as and when required or changing the capital in AOA and filing a copy of AOA with ROC alongwith form no 23 but not paying stamp duty about this increase.
I think this is not provided for in Compaines Act but Want a justifiaction / explanation for this
Nikhil Kumar
(CA , Qualified CPA)
(910 Points)
Replied 08 January 2009
In the meeting the issue for increase will be decided. thus as per company's records the capital has increased. Now filing with roc is another matter which is just informing the registrar about the change and paying the charges for the same.
if the process is not done as per stipulated rules then the transaction may be rejected
HARSHIT KABRA
(STUDENT)
(81 Points)
Replied 09 January 2009
Increase in Authorised capital means alteration in share capital which amounts to alteration of MOA and needs a special resolution to be passed at an AGM with the due consent of all the shareholders present in meeting.
The minutes of the AGM is required to be prepared within 30 days from the date of meeting duly signed by the Chairman present and needs to be filed with ROC.
CAclubindia
