23 September 2016
My client is a Private Limited Company, it wants to issue shares privately and the Return of Allotment will be filed by PAS-3. My query is, does it need to file MGT-14 for the resolution passed at the Board Meeting for the issue of shares ?
23 September 2016
You need to pass a special resolution for allotment of shares as a private placement and approve the conditions specified for such placement like not more than 200 members and the lot size should not be less than Rs. 20,000/-. Only after the approval of members in an duly convened EGM you can proceed with allotment. You need to file Form MGT 14 for the SR passed. Board resolution will be for the issue of share certificates and filing of the form PAS 3 with ROC - No MGT 14 needed for BR.
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