For Right Issue of Shares (Can we issue shares on Right basis by passing a (Single) Board Resolution, as required under section 179(3)

[M. K. Dukia & Associates (Practising Company Secretary), New Delhi]

Hi,

Can any one please share his/her valuable thoughts on the following

Can we issue shares on Right basis by passing a (Single) Resolution, as required under section 179(3), passes in Board Meeting & alllot shares when share application money received & file only PAS 3 (No MGT 14 every Time)

For Example

if we are anticipating share application money amounting to INR 15 Crore during FY 2015-16.

Than in such case can we pass a single Board Resolution seeking equity contribution for entire amount 15 Crore and thereafter allot the shares in tranches during FY 2015-16, as and when application money will be received.

Please share your expert opinion on this

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Thanks & Regards..
 
Mukesh Kumar Dukia
(CS, LLB, B.Com)

M. K. Dukia & Associates
Practicing Company Secretary

107, Bharat Chambers,

70, Scindia House, 

Connaught Place, 
New Delhi-110001
Mobile- +91-9555-337815

email - mukes...@gmail.com

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[csyogan .]

we normally pass board resolutions after receipt of share application money

if you allot shares before receiving share application money, then you might face some other issues like :
- how do you issue share certificates as they are to be given within 2 months as per s.56(4)(b)

- allotment is not possible if it is fdi, you can allot shares only after receipt of share application money

other members' may pls add

regards,
yogan.

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