Committee for allotment of shares
Querist : Anonymous
An unlisted public company, with 4 directors, wants to issue shares on rights basis. Can the allotment be made by Committee of directors. If so, can 2 directors form a valid committee.
Pl treat the matter as most urgent.
For this read the board resolution through which committee is constituted. If board had delegated power of allotment and decided minimum quorum of 2 then you can...
In case of Private Company and Unlisted Public Company, committee is controlled and managed by AOA and Board Resolution.
As the same in above case.
The Board of Directors of a Public Limited Company, whether listed or not shall consist of atleast 3 Directors. As per section 292A of the Companies Act, 1956 an Audit Committee of a Public Limited Company must consist of atleast 3 Directors. The Act is silent on the constitution of any other Committee constituted by the Board but looking at the intention of regulators and draftors of the Act, it is evident that the Committee of the Board of Directors of a Public Limited Company should consist of atleast 3 Directors. The quorum of the committee meeting may be as decided by the Board of Directors of the Company.This is my opinion.
Apart from Audit committee no other committee is regulated by Act and thus if any other committee is constituted by Board the same will be regulated through board resolution quorum powers etc.. all.
Schedule XIII
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