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Allotment of shares

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20 July 2011 can a unlisted public co. issue its shares to its group co. which is also a creditor to it? If yes what will be the procedure?
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
20 July 2011 Yes. It can allot. It has to pass a resolution in the general meeting and also after allotment it has to file e-Form 2 for allotment of shares mentioning therein as shares allotted for consideration other than in cash.
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