ALLOTTMENT OF SHARES
This query is : Resolved
12 May 2011
DEAR ALL!!!!
Kindly advice -
Company A Ltd having paid up share capital of Rs. 5 lacs is presently having 7 shareholder.
The company wants to allot further shares through private placement amounting Rs. 11 crores.
Can it allot 10 crore shares to a closely held private ltd co.?
Does it attracts holding subsidiary concept contained in sec 4 of the Companies Act 1956 ?
Kindly advice -
Company A Ltd having paid up share capital of Rs. 5 lacs is presently having 7 shareholder.
The company wants to allot further shares through private placement amounting Rs. 11 crores.
Can it allot 10 crore shares to a closely held private ltd co.?
Does it attracts holding subsidiary concept contained in sec 4 of the Companies Act 1956 ?
12 May 2011
The company can allot the shares. However, if the total shareholding of the private company exceeds 50%, then that company shall become the holding company.
12 May 2011
Thank you for your quick and satisfactory reply !!!!!
Further advice -
what additional compliance are to be performed by the both the companies with regard to company law ?
Further advice -
what additional compliance are to be performed by the both the companies with regard to company law ?
12 May 2011
After allotment of shares, form 2 is to be submitted to RoC. Further, the holding company has to prepare and submit the consolidated final accounts after the end of each financial year.
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