Authorised capital on date of agm

Co Act 2013 387 views 2 replies

Max Payne

employed

2574 Points Joined May 2008

Dear Experts,

On the AGM held on 24.07.2014, M/s X Pvt Ltd has passed the requisite resolutions for altering the MOA and AOA and raising the authorised capital from Rs.2,00,000 to Rs.5,00,000. The MGT 14 and SH 7 have been filed and approved by ROC on 16.08.2014.

The query is,

a) what is the authorised capital on date of AGM?

b) On what date does the authorised capital stand increased?

c) Is it appropriate for the company to make a private placement (Resolution u/s 62 passed at the AGM itself) before 16.08.2014?

Your views and advice on the matter is much appreciated.

Thanks,

g.k.

Replies (2)

Vandana J Doshi

Practising Company Secretary

12562 Points Joined May 2011

Hi, the Authorized capital will be said to be increased from the date the members have approved...in your case, it will be 24/07/2014 and the authorized capital as on date of agm will be rs. 500000. yes, you can start the process of private placement after 24/07/14 itself, since officially the authorized capital has been increased from that day onwards... filing with ROC is required for compliance purposes.. Hopefully it is clear.if not revert here.....