Circular resolution - Grant of ESOPs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2009 As per SEBI guidelines on ESOPs, market price is defined as the latest available closing price, prior to the date of the
meeting of the Board of Directors in which options are granted/ shares are
issued, on the stock exchange on which the shares of the company are listed.

If the issue of grant of options is proposed thru circular resolution, what would be the date of meeting to be considered for the purposes of arriving at "market price". Is that date of proposal of circular resolution or date of approval of cicrcular resolution by majority of directors.

Ankur Garg

Ankur Garg (Expert)
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04 November 2009 Hi,

In your case the date for price would be the date on which circular resolution approved by majority of directors.

Regards

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2009 Thanks. But when we submit the circular resolution proposal to the directors, we need to mention all the details includng price of options. In such event, date of approval would not be possible....could you consider this and comment thanks.

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