reclassification of unclassified shares

This query is : Resolved

ASHOK KUMAR PURI (Querist)
Follow

29 October 2008 We have 20000 unclassified shares of Rs.10 each in our Authorised Share capital as mentioned in our Articles of Association. The Articles also mentions that the Direcors may issue prferantial shares to its members. How do we reclassify the unclassified shares into preferrential shares and allot the same. What resolutions and forms have to be filed with the ROC Kindly elaborate with sample resolutions and filled forms

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

29 October 2008 What exactly you mean by unclassified shares.

ASHOK KUMAR PURI

ASHOK KUMAR PURI (Querist)
Follow

29 October 2008 Unclassified shares are those shares that are kept in abeyance/unsubscribed and may be converted into Equity or Preferance shares as the directors deem fit before they are issued. Form 5 mentions conversion of Shares into stock and reversal of stock into shares but there is no mention of reclassification of unclassified shares into Equity or Preferance shares. That is the whole problem

ASHOK KUMAR PURI

ASHOK KUMAR PURI (Querist)
Follow

29 October 2008 The problem is open and not yet resolved

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

30 October 2008 As per law you have the following share capitalin that order.

1) Authorised share capital
2) Issued share capital
3) Subscribed share capital
4) Paid up share capital

Please tell us under which category your 'unclassified shares' fall.

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