18 May 2012
Hello Sir, A public company wants to issue bonus shares. Can any one please reply which type of resolution is required to be passed i.e. ordinary or special ????
Special Resolution is required to be pass under section 81(1A) of the Companies Act, 1956 and Form 23 is also to be filed with ROC with in 30 days of passing of such resolution.
21 May 2012
Thanks for your valuable response. I have analysed the aforesaid section & came to the conclusion that SR needs to be passed only when the shares are being issued to the persons other than the existing shareholders.
So, in my case, since shares are being issued to existing shareholders, OR needs to be passed.
21 May 2012
Thanks for your valuable response. I have analysed the aforesaid section & came to the conclusion that SR needs to be passed only when the shares are being issued to the persons other than the existing shareholders.
So, in my case, since shares are being issued to existing shareholders, OR needs to be passed.
21 May 2012
Thanks for your valuable response. I have analysed the aforesaid section & came to the conclusion that SR needs to be passed only when the shares are being issued to the persons other than the existing shareholders.
So, in my case, since shares are being issued to existing shareholders, OR needs to be passed.
In Section 81(1A) you will only pass Special Resolution in all cases and not Ordinary resolution whether you are issuing shares to existing shareholders or not.
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