Disclosure i directors report
This query is : Resolved
08 September 2012
Good Morning Experts,
If a public ltd co has made one or more preferential allotments during the year, is it mandatory to disclose the same in the Directors' Report for the said year?
If a public ltd co has made one or more preferential allotments during the year, is it mandatory to disclose the same in the Directors' Report for the said year?
CA CS PRASHANT
(Expert)
08 September 2012
Yes it is mandatory to disclose the preferential allotment in directors report under section 217 of companies act 1956.
3[(d) material changes and commitments, if any; affecting the financial position of the company which have occurred between the end of the financial year of the company to which the balance-sheet relates and the date of report;]
3[(d) material changes and commitments, if any; affecting the financial position of the company which have occurred between the end of the financial year of the company to which the balance-sheet relates and the date of report;]
08 September 2012
Yes you are right, but is it also necessary to disclose the names of the preferential allottees and other particulars?
CA CS PRASHANT
(Expert)
08 September 2012
Yes it is required to disclose the volume of allotment both in number and amount alongwith the allotees name.
Guest
Guest
(Expert)
08 September 2012
1(d) of section 217 specifies about any material event occured after 31st march till date of directors report.
Hence this is not applicable for preferential attoments during the year.
It is not required to disclose such details in directors report as per section 217.
Revert for any other info.
With Regards
Neha
1(d) of section 217 specifies about any material event occured after 31st march till date of directors report.
Hence this is not applicable for preferential attoments during the year.
It is not required to disclose such details in directors report as per section 217.
Revert for any other info.
With Regards
Neha
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