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Further allotment of shares in pvt ltd

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(Querist)
06 June 2013 My query is

co is having authorised capital 7 crore

paid up capital is 3 crore

co desire to allot remaining 4 crore

is it very necessary to allot further shares to existing share holder in same proportion in which they already had or further allotment may be in different proportion.

Thanks in advance
ritesh
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
07 June 2013 Further issue of shares has to be according to the provisions of section 81 of the Companies Act,1956. But this section is not applicable to PRIVATE LIMITED companies. Therefore, the company has to go by the Articles of Association of the company. Again, if AOA is silent about further issue, the board of directors can decide the pattern of allotment.
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