Minutes for share application money

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Harjot (Querist)
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29 November 2011 Suppose a private limited company received Share Application Money One and Half year ago and now it allotted the shares.

Now my question is that whether any board meeting is required to receive the share application and any further board meeting is required to be held till the date of allotment? Whether anything to be considered in the Minute Book or not?

If yes, then provide me the draft of the minutes of meeting in which share application money is received and any further board meeting held.

RG - A Helping Hand

RG - A Helping Hand (Expert)
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30 November 2011 It is always good to acknowledge the receipt of share app money by passing a board resolution. However Law is silent in this regard.

You should also collect share application money from the investor.

Rg

Harjot

Harjot (Querist)
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01 December 2011 Dear Sir

You did not replied my second question i.e. any further board meeting is required after receiving the share application money till the date of allotment?

Kindly provide me the draft of minutes of that board meeting?

CS Ankur Srivastava

CS Ankur Srivastava (Expert)
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02 December 2011 At every stage Board Meeting should be done... and proper noting should be done in the minutes... regarding allotment of shares shares can only be allotted after duly held Board Meeting and after passing BR for allotment of shares.

"RESOLVED THAT .... shares of Rs. ... each be and is hereby allotted to .........."

"RESOLVED FURTHER THAT new equity shares shall rank pari passu to the earlier issued equity shares."

"RESOLVED FURTHER THAT Shri ........, Shri......., Director of the company and Shri...... Authorised Signatory/ Company Secretary of the company be and is hereby authorised to sign on the share certificate."

"RESOLVED FURTHER THAT Shri.... Director of the company be and is hereby authorised to do all such acts, deeds and things as may be necessary to give effect to the above resolution.

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