Dear All,
If a company is issuing preference shares for the first time, should it be issued to the existing shareholders only or to a new set of shareholders. What all compliances are to be done as per the NEW Companies Act, 2013.
1 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 25 September 2013
Section 81 of Companies Act 1956 deals with further issue of shares and the corresponding provision is contained in Section 62 of Companies Act 2013. However, Section 62 of the new Act has not yet come into force and hence you have to follow existing procedure as per 1956 Act only.
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