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Further issue

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 January 2011 An unlisted public company has Authorized capital Rs 5 crores.Rs 10lakhs paid up Equity capital and Rs 2 crores paid up preference capital.

Can the company issue Preference shares Rs 50lakhs each year till the authorised capital reaches Rs 5 crores?

Will further issue of capital is applicable to preference share capital also?
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Ajay Mishra

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Ajay Mishra (Expert)
04 January 2011 Hi


The provisions of section 81 will apply to preference shares also.

Authorised capital includes preference shares also.



Regards
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udit sharma

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udit sharma (Expert)
04 January 2011 Agreed with expert Ajay Sir!
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Jayashree S Iyer

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Jayashree S Iyer (Expert)
05 January 2011 I think provisions relating to further issue of capital as specified in Section 81 is applicable to holders of the equity shares only.

Please refer to Section 81(1)(a).

Other experts please clarify.
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