Resolution for bonus shares of unlisted public companies
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 May 2012
Dear All please help
What type of resolution is required to be passed whether SR or OR in the following case?:
The company is an Unlisted Public Company and wants to issue bonus shares to its existing shareholders.
Please reply ASAP
What type of resolution is required to be passed whether SR or OR in the following case?:
The company is an Unlisted Public Company and wants to issue bonus shares to its existing shareholders.
Please reply ASAP
CS Mitesh Mehta
(Expert)
23 May 2012
As per regulations 96 & 97 in Table A of Schedule 1 of the Companies Act, 1956 the proposal to issue bonus shares has to be approved by the shareholders of the company in general meeting upon recommendation by the Board of Directors of the company However if these regulations have been excluded from the Articles of Association of the company then it shall be sufficient if the Board approves the bonus issue.
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