A listed company has issued partly paid up shares and bonus shares on the same.
The partly paid up shares were later forfeited.
The company now wants to raise capital again through subscriptttion of shares.
What is the fate of the bonus shares now?
shayonee (student) (35 Points)
15 June 2010A listed company has issued partly paid up shares and bonus shares on the same.
The partly paid up shares were later forfeited.
The company now wants to raise capital again through subscriptttion of shares.
What is the fate of the bonus shares now?
ravindranth
(company secretary)
(114 Points)
Replied 17 June 2010
Hi
To issue bonus shares, the partly paid shares have to be made fully paid up. you can not issue bonus shares unless they are full paid up. pls. read the SEBI guidelines on issue of bonuse shares.
i am pasting the text from the Chapter XV from SEBI Guidelines on Bonus issue
15.1.5 The bonus issue is not made unless the partly-paid shares, if any
existing, are made fully paid-up.
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