allotment of shares through circular resolution valid?
This query is : Resolved
09 April 2011
Dear All,
please let me know in emergency, if allotment of shares (pursuant to sanction of scheme of arrangement (merger) by High Court ) resolution can be passed through circular among BOD approving the same? if possible give me some provisions and supporting sections for the same.
matter is very urgent and would be eagerly wating for all of your expert guidance.
regards,
Shital
please let me know in emergency, if allotment of shares (pursuant to sanction of scheme of arrangement (merger) by High Court ) resolution can be passed through circular among BOD approving the same? if possible give me some provisions and supporting sections for the same.
matter is very urgent and would be eagerly wating for all of your expert guidance.
regards,
Shital
Jayashree S Iyer
(Expert)
11 April 2011
The resolution under reference can be passed by way of a circular resolution.
Section 292 lists our powers which are to be exercised by Board only at meeting. Since the list does not contain "share allotment", you can go ahead for circular resolution.
Section 292 lists our powers which are to be exercised by Board only at meeting. Since the list does not contain "share allotment", you can go ahead for circular resolution.
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