In case a Pvt Ltd. Company has already passed a resolution for allotment of shares but the consideration amount on the same to be called at the time of requirement. So,..should the resolution be passed again for : (1) on making a call for unpaid amount (2) on receipt of such consideration.?? please ans in both the diff situation?
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 15 December 2009
Hello,
No need to pass resolution for allotment again.
But you have to pass another board resolution for making a call for unpaid amount u/s 292(1)(a) as and when desired by the board.
No need to pass board resolution on receipt of consideration.
Regards
CS Snehal
(Compliance Manager)
(346 Points)
Replied 15 December 2009
For calls made you shall have to pass a resolution.
C.S. Rajesh Pillai
(Company Secretary and Compliance Officer)
(181 Points)
Replied 18 December 2009
Dear Jalpesh,
In your question you have mentioned that the resolution is passed for allotment of shares and the consideration is to be called at the time of requirement
Do you mean no money is received at the time of allotment of shares?
If that is the case, the allotment is not valid.
We are allowed to accept the balance amount ( total consideration minus amount paid on application and allotment ) by way of call money.
Rajesh Pillai
CAclubindia
