Clubbers please clear my doubt,
A Private Limited Company was incorporated as "Wholly Owned Subsidiary" of another Private Limited Company (Let us call it as "A") on 05.12.2012.
The 1st Board Meeting was held on 12.12.2012 morning 11.00 a.m. In that meeting as per Act everything was covered including Statutory Auditor appointment. Simultaneously Auditor appointment letter was sent to the Chartered Accountant with the 1st Board Meeting date 12.12.2012.
Being incorporated as "Wholly Owned Subsidiary", 9999 equity shares was allotmented to "A" and 1 equity share to one of the Director of the Private Limited Company.
Following that a share transfer took place on 13.12.2012, were the one equity share was transfered to the one of the Director of "A" as nominee shareholder.
Now due to some land purchase issue the management wants the share transfer of 1 equity share to be held on 12.12.2012 instead of 13.12.2012 whereas the land purchase took place and its resolution was passed on 12.12.2012.
My question is:
1) Whether it is possible to pass the resolution of share transfer on 12.12.2012. That is on the 1st Board Meeting ?
2) As per Section and to my knowledge from experience, there is problem, but logically is it correct ?
3) Or, can we prepare a meeting on 12.12.2012 at 03.30 p.m. ? That is same date and different time.
Please guide me.
CAclubindia
