Issue of shares by a public company

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Querist : Anonymous

Querist : Anonymous (Querist)

09 September 2011 Can an unlisted Public company go for private placement to existing shareholders, directors & their relatives? what are the requirements that should be complied by the company as per companies act?

sivadas chettoor

sivadas chettoor (Expert)
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10 September 2011 Yes...provided you do not violate section 67 of the companies Act wherein a limit of 50 persons are laid down. From the facts it appears that it is a domestic issue of the company and hence can issue upto 50 persons. This ceiling of 50 shall not apply to NBFC.

siva208@yahoo.com

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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12 September 2011 I agree with the expert

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