Aoa requirement for bonus shares issue
This query is : Resolved
06 April 2015
I have maintained my AOA as per co. act 1956. and there is no specific clause for issue of bonus share, but "The regulation contained in Table `A' Schedule I to the Companies Act, 1956 shall apply to the Company except in as far as otherwise expressly incorporated in these Articles"-this statement is mentioned in my AOA. As per Co. act 2013 you should have specific clause for isuue for bonus share. But in Act 2013 it is written "No provision in this shall not apply to previous law". HENCE DO I NEED TO AMMEND MY ARTICLE TO ADD SPECIFIC CLAUSE FOR ISSUE OF SHARES OR THE REFERENCE TO THE TABLE A IS SUFFICIENT?
06 April 2015
For the purpose of capitalizing profits or reserves for issuing fully paid up bonus shares, authorization in articles is required
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06 April 2015
Thanx for your reply sir, but doesnt reference to Table A will work? as regulation 96 & 97 of Table A state about capitalisation only?
06 April 2015
No.
You need to have specific clause in AOA.
You need to have specific clause in AOA.
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