Preference Shares
This query is : Resolved
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
Thanks
Debashis Mandal
Can any Company get approval from ROC to issue Preference Shares for Rs 50 Crors when its Authorised Capital is Rs 1 Cror only
Thanks
Debashis Mandal
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
Always:
Issued Share Capital less than or equal to Authorized Share Capital
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
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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