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Private placement

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 January 2016 A company approves offer of letter for private placement in Board meeting for issue of shares worth Rs.20 lacs & then allots only Rs.15 lacs. The Board after 11 months allots shares worth Rs. 5 lacs (balance) based on same offer letter which was circulated 11 months earlier. Can this be done?

If not then is there any timeline where it mentions that allotment w.r.t offer letter has to be completed within a specific period?
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CS Divesh Goyal

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CS Divesh Goyal (Expert)
19 January 2016 Such Special Resolution is valid for 12 month from the date of passing of resolution.Therefore, you can do that.
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