Hi Members!!
Can a public limited company which has passed a resolution in General Meeting to increase the authorised share capital cancel such resolution? The company has neither filed form 5 nor form 23. The company wants to defer the resolution to a later date.
Further the company at the same General Meeting appointed its new Managing Director and filed form 32 in which the aforesaid resolution was sent as an attachment.
Thank you..
Dude,
There is no specific procedure for cancelling the resolution which was passed in the General Meeting ( I assume it as AGM).
When e-Form 5 or 23 is not filed then there is no need for it. Whereas, being a Public Limited Company (if it is listed) then the Borad of Directors & Company Secretary should address a letter to the stock exchange stating that as of now the Authorized Share Capital is not going to be increased.
There is no need to mention that the resolution is cancelled, if not, you can pass a resolution stating that the company is not going to increase as of now.
Attaching the Increase in Authorized Share Capital resolution is not needed for e-Form 32 and there is no logic in it. Both are entirely different.
Thankyou Sir.
The company is not listed and is closely held and it was an Extra Ordinary General Meeting.
So far as attaching the resolution in form 32 is concerned, the extracts of the meeting were prepared which contained several resolutions out of which the increase in authorised share capital and appointment of Managing Director were also there. The same extracts were authenticated and attached to the e form 32. Will it cause any problem?
Thanks once again.
Dude,
I believe that you have attached the Minutes sheet. Buddy when you attach an resolution in e-Form you have to type the respective one in the company letter head.
There is no hard & fast rule that you have to attach all the resolutions.
Thankyou sir,
You are right. I have sent all the resolutions. Please tell will there be any problem?
Thanks again..
No. There wont be any problem.
Thankyou Sir..
dear sir, I am ajeet bhandari and my Cell no. is 9841025811 . I wants your advise for company wants to defer the resolution for increase in authorised capital to altor date. please call me or sms me your contact details.
dear sir, I am ajeet bhandari and my Cell no. is 9841025811 . I wants your advise for company wants to defer the resolution for increase in authorised capital to altor date. please call me or sms me your contact details.
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