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shares

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(Querist)
29 November 2010 Dear All,
A private limited company has following defaults.
1. Allotted shares without Board or shareholders resolution.
2. Has never printed share certificates since its incorporation.

Can anyone suggest me, with respect to the above two, what are the relevant sections in which the company has made default?

Regards,
Shraddha Mishra.
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Ajay Mishra

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Ajay Mishra (Expert)
30 November 2010 Dear Shraddha


Private Limited Company can issue further shares through Board approval and file Form-2 with ROC. The Provisions of Section 81(1A) will not apply to Private Companies.

In your case, you have allotted share without approval, in that case you fail to comply the provision of section 75 of the Companies Act, 1956.

You also defaulted under Companies (Issue of Share Certificates) Rules, 1960.


Regards
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