I am working in a Pvt. Ltd. Co. which is 100% subsidiary of the Japanese Co.
We want to amend article for reclassifying our existing Authorised Capital.
Prevailing Articles has the provision of subdivison of share Capital in smaller amount or larger amount .
However it does not talks about reclassification of shares. Hence first of all I should amend the articles to allow such reclassificaton.
Now by amending articles I want to allow reclassification of shares.
While adding Article for allowing reclassification Can I simply state that Shareholders in general meeting by passing Ordinary resolution can classify or reclassify its share Capital.
( original Article will be more elaborate but crux will be as above.) OR
Do I staturaily allow it through passing special resolution only???
Can I directly authorise Board through Articles, to clasify or reclasify the existing Authorised share Capital Structure?
CAclubindia
