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share application money

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(Querist)
10 January 2008 Please suggest the treatment of share application money

company is unlisted public company and it is a subsidiary of public listed comapanies.

and plans to issue shares only to one party

what are the compliances required
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R.V.RAO

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R.V.RAO (Expert)
11 January 2008 PLEASE REFER AND COMPLY WITH UNLISTED PUBLIC COMPANIES(PREFERENTIAL ALLOTMENT ) RULES 2003.
UNDER THESE RULES YOU NEED TO PASS A RESOLUTION UDER SEC 81(1)(A) AND IN THE EXPLA. STATEMENT TO THE NOTICE TO SHAREHOLDERS NEED TO EXPLAIN THE BASIS AND REASONS FOR THE ISSUE AND EXPLAIN THE SHAREHOLOLDING PATTERN BEFORE AND AFTER THE ALLOTMENT AND AUDITOR ALSO NEEDS TO CERTIFY THE BASIS OF VALUATION OF SHARES PROPOSED TO BE ALLOTTED UNDER PREF. ALLOTMENT.
AFTER SHAREHOLDER APPROVAL UNDER THE ABOVE SECTION, BOARD WILL ALLOT SHARES UNER PREF. ALLOTMENT AND THE PROCESS IS COMPLETE.
R.V.RAO
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