Hasan (Student MBA) (44 Points)
18 September 2012
The AoA of the company provided that the shares of the member of the company who became bankrupt would be offered for sale to other share holders at certain price. Is the provision binding on the shareholders?
Can someone help me by Giving legal Reasons?
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17848 Points)
Replied 19 September 2012
no wrong provision.
Tanveer Md Masood
(Indispensable)
(361 Points)
Replied 19 September 2012
COMPANIES ACT PROVIDES FOR REISSUE OF SHARES WHICH HAVE BEEN FORFEITED OR NON PAYMENT OF CALL MONEY. IN SOME CASES EXCESS SHARES WHICH HAVE BEEN APPLIED ARE OFTEN RETURNED TO THE APPLICANT.
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