issue of pref shares

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CS Abhilasha Pandey (Querist)
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06 July 2010 Hi ,
Can a Pvt. Co. can issue pref. shares at 10 paise, the face value of these shares is Rs. 10/-. The date of incorporation of company is 22nd June, 2010.

Please reply its urgent.

Regards,
Abhilasha Pandey

Ankur Garg

Ankur Garg (Expert)
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06 July 2010 Hi,

If you issue shares at a price less than the face value then it would be equal to issue of shares at a discount for which to have to obtain CG approval u/s 79.

Further a company can use section 79 only after the expiry of 1 year from which company is entitled to commence business.

Kindly go through section 79.
Views of other experts solicited.

Regards

CS Abhilasha Pandey

CS Abhilasha Pandey (Querist)
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06 July 2010 Thankyou.

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