preferential allotment

This query is : Resolved

Manoj Mangal (Querist)
Follow

16 October 2008 A public ltd co. (closely held Co.) has issued 9 % non- cumulative redeemable preference shares during the year 2007-08 to existing equity share holders covered in register to be maintained u/s 301.

whether this issue of preference shares falls under the definition of "preferential allotment".
and what is the reporting requirement under CARO,2003, which is reproduced as unedr:

"whether the company has made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the act.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

16 October 2008 Was this issue made at the same proportion to all shareholders?

Manoj Mangal

Manoj Mangal (Querist)
Follow

16 October 2008 No this issue was not made at the same proportion to all sahreholders

and no special resolution has been passed by the company for this issue.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

16 October 2008 Then, the issue will be termed as preferential.

Manoj Mangal

Manoj Mangal (Querist)
Follow

16 October 2008 whether there is requirement to report this "preferential allotment" as per caro,2003

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

17 October 2008 Yes, of course.

Manoj Mangal

Manoj Mangal (Querist)
Follow

17 October 2008 Sir, Thanks a lot .....

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

SHUBHANGI GOEL

Hemkumar

Vinod Patil

CA Varun Gupta

Mahesh Balanthimugaru

Subscribe Now

preferential allotment

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Article Assistant

Accountant

GST CONSULTANCY

GST CONSULTANT

CA Final