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Preference Shares

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(Querist)
12 June 2011 Respected Experts
Can any Company get approval from ROC to issue Preference Shares for Rs 50 Crors when its Authorised Capital is Rs 1 Cror only
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Debashis Mandal
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
12 June 2011 No. Issued Share Capital can never exceed Authorized Share Capital limit.

Always:
Issued Share Capital less than or equal to Authorized Share Capital
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bhupender soni

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bhupender soni (Expert)
14 June 2011 GUPTA JI says absolutely right
No company raised preference share /equity /or any other form , which is exceed authorized capital which is stated in Memorandum of article .
If board of directors pass resolution respects of preference share , this is called ultra virus act and each boards of directors’ is liable for penalty and fine or both according to appropriate law of company act -1956
stated
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