K. Ravishankar (5 Points)
02 July 2019Hi. I'm going to be allotting share certificates for the first time in a newly incorporated company. If someone can provide a format of an allotment letter which are to be issued prior to the issuance of share certificates, that will be great. Thanks.
Regards
Ravishankar
K. Ravishankar
(5 Points)
Replied 02 July 2019
I have passed a BR already. Is that alone sufficient?
K. Ravishankar
(5 Points)
Replied 02 July 2019
5. (1) Where a company issues any share capital, no certificate of any share or shares held in the company shall be issued, except—
(a) in pursuance of a resolution passed by the Board; and
(b) on surrender to the company of the letter of allotment or fractional coupons of requisite value, save in cases of issues against letters of acceptance or of renunciation, or in cases of issue of bonus shares:
So both BR and allotment letter are required, if I'm not wrong, since clause (a) and (b) are joined by "and" and not "or".
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