Section6
This query is : Resolved
11 May 2018
Articles of a company provided that for issue of equity shares wuth differential rights, special resolution will have to be passed( though companies act mandates only ordinary). Now such provision is wholly valid(sec6)
But if a company issues such shares by passing ORDINARY RESOLUTION , will that be considered invalid???
But if a company issues such shares by passing ORDINARY RESOLUTION , will that be considered invalid???
11 May 2018
Invalid, because phraseology of section 6 is 'save as otherwise expressly provided
in the act',hence the shareholders can take recourse to proviso to section 5(2) so
as to enforce the cited article of the AOA.
in the act',hence the shareholders can take recourse to proviso to section 5(2) so
as to enforce the cited article of the AOA.
11 May 2018
that means in this case articles have to be followed by the company as if they are law , and hence passing of ordinary resolution ( though allowed by the act itself) will not suffice
11 May 2018
Yes, my understanding says so.
12 May 2018
Like in ss-2 . Regarding proxy form it is mentioned that if proxy form is in mgt-11, but articles of the company requires some other different form , then such proxyform (mgt-11) cannot be declared invalid due to non compliance of articles
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Opting our of sec 44AD
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- Regarding TDS Applicability For Director Remuneration
- Multiple trade mark
- Before GSTAT- APL-02 Vs APL-04
- Annual return in Gst
- FORM 26A APPLICABILITY
- GST on rental income_Composition
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
