07 February 2011
Please let me know whether cooperative banks are permitted to issue bonus shares to their members? Please let know the relevant circular/ notification. CA A R Mutha
Guest
Guest
(Expert)
07 February 2011
No. However, you rely on constitution of that Co-op. bank.
09 February 2011
As per provisions of Multistate co-operative Act, there is no such provision. Morever, if your constitution permits, then you can issue bonus shares otherwise not?
11 February 2011
This is half story only. What about Urban cooperative banks not covered by Multistate Coop Act? Also see below link http://wirc-icai.org/wirc_referencer/Other%20Laws/Provision%20of%20Co-operative%20Scoeities.htm
And also refer RBI circular UBD.No. Plan. Cir.PCB.9/09.20.00/2000-01 dt. 10th November, 2000 which states that coop banks not allowed to issue bonus shares.
Guest
Guest
(Expert)
14 February 2011
You may rely over my first reply.
CAclubindia
