Issue or allotment of shares, which one will happen first?

CS Arjun Rajagopal (B.com, ACS) (1056 Points)

14 July 2016  

Dear CCI Members,

Issue or allotment of shares, which one will happen first? 

As per sec 179(3)(c), every company other than a pvt company shall file a copy of board resolution for issue of securites in form MGT-14 with ROC. Suppose XYZ Ltd proposes a rights issue to raise 50 Crore and board approved the same on 14.07.16. Does this mean XYZ Ltd shall file MGT-14 within 13.07.2016 (30 days from the date of baord meeting)? or within 30 days after the allotment date?

Please clarify urgently

Regards,

Arjun Rajagopal