Section 81 of Companiies Act 1956

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ACS Bijal Gada (Querist)
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08 May 2010 Can anybody provide me procedure for issue of equity shares to other than existing shares holders in case of public company. Comapny is issuing shares after the one year from the first allotment and after the two years from the date of Incorporation.

Ankur Garg

Ankur Garg (Expert)
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08 May 2010 Section 81 is applicable to a public company.

In your case section 81(1A) is applicable.

Procedure:

1. first hold BM to consider the matter and fix date of GM

2. hold GM and pass special resolution of shareholders u/s 81(1A).

3. file form 23 within 30 days of GM.

4. hold a BM and pass board resolution for allotment of shares to persons other than existing shares holders.

5. File form 2 within 30 days of allotment in board meeting.

Regards

ACS Bijal Gada

ACS Bijal Gada (Querist)
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08 May 2010 can u pls provide me draft of spacial resolution?

Ankur Garg

Ankur Garg (Expert)
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10 May 2010 Let me know your ID through PM only and mention the purpose.

Thanks

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