EGM for right issue

[Naresh Kumar]

Dear Members

Is EGM is mandatory for allotment of equity shares through right issue in a private limited company or we can conduct only board meeting ?

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--Thanks & Regards--

NARESH KUMAR

CS, LL.M., PGDIPR

MOBILE- 9910683177

 

 

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[CS Sonali Varshney]

Not required, Only Board Resolution will be Passed.

[Naresh Kumar]

Thnx sonali.. Are you taking about section sec.62 or what ?

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[CS Sonali Varshney]

Yes Sir,

I am talking about the right issue case, (offer to existing shareholders) no EGM required, only board resolution will be filed in PAS 3.

On Wednesday, June 15, 2016 at 11:46:41 AM UTC+5:30, NARESH KUMAR wrote:

[Naresh Kumar]

Ok.. but as per sec.62 ordinary resolution is required in EGM for right issue ?

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[CS Sonali Varshney]

Dear Sir,

As per section 62 (1) (b) to employees under a scheme of employees stock option, subject to Ordinary resolution passed by the company and subject to such conditions as may be prescribed: and

Section 62 (1) (c) 

In these cases you will required to Pass Ordinary Resolution in EGM (This covers also Private Placement)

as your case is the Right Issue to the existing shareholder, then no need to hold EGM.

On Wednesday, June 15, 2016 at 11:46:41 AM UTC+5:30, NARESH KUMAR wrote:

[CS Sonali Varshney]

Dear Sir,

For your easy reference http://taxguru.in/company-law/issue-shares-companies-act2013.html

also check the amendments regarding the Period for Open Offer.

On Wednesday, June 15, 2016 at 11:46:41 AM UTC+5:30, NARESH KUMAR wrote:

[Naveen Kumar]

Sonali u r correct, no need to hold EGM for Right Issue and also no need send the link of any other author, u should have confident on urself becoz every professional has different view for same topic so always try to read the bare Act. and also try to send the reference to every one of notified sec. and rule , regul. and notification..... 

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Regards

Naveen Kumar