Query: If Private Company wants to issue further share to persons other than the existing shareholder, then provision of section 62(1)(c) needs to comply.
As per this, Authorisation in AOA, SR is must and also the Company has to specify certain items in its explanatory statement. Further, the Valuation Report of Registered Valuer is mandatory.
Besides this sec 42 (Chapter 3) needs to be follow.
Now my query is that even in case shares are issued in section 62 and company has complied general provisions of sec 42, whether the Company has to comply Rules to chapter 3 also?
Which states that the Company has to give Offer Letter in PAS-4 and need to maintain record of issue in PAS-5.
Kindly reply.
Regards
Shilpa
CAclubindia
