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Share issue

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(Querist)
07 February 2009 can company issue shares to creditors of that comapany without consideration in monetory terms?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
07 February 2009 Yes they can issue shares to creditors. While filing form 2 you have to report the same.

The other option is issue cheque to creditor and collect back a new cheque as share application money and then allot the shares.

Option will be easy. Whereas option one is also allowed but you have to follow the procedures laid down in companies act.
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