03 September 2014
Clause 35(c) requires a company to report - "change exceeding +/-2% of the total paid-up share capital".
However, from the language of Rule 13 of Companies Management and Administration Rules it is not clear whether the change to be reported is "2% of paid up share capital" or "2% of individual shareholding of the respective promoter / top shareholder".
Request comments / guidance of experts/ senior professionals in the matter please.
03 September 2014
Dear Gaurav, as per expalnation of Rule 13, change means 2 % change in individual change but not of the companys paid up capital.
Explanation.- For the purpose of this sub-rule, the “change” means increase or decrease by two percent or more in the shareholding of each of the promoters and each of the top ten shareholders of the company.
CAclubindia
