right issue as per section 62(1)(a)

[Bidu Bhusan Dash]

Dear All,

Please share the procedure for right issue

Regards,

CS Bidu Bhusan Dash

M-9971324050

[Lily Bali]

Dear Bidu

Plase consider the checklist  and from this file MGT-14.

Regards

ACS Lily Bali

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[santhosh kumar]

this is good CS.Lily thank u for sharing

--

CS.M.Santhoshkumar
"From the man who always has a Good heart ! "

ॐ सर्वे भवन्तु सुखिनः

 

 

[Rakhi Singh]

Dear Lily

Thanks for sharing 

Can we issue preference share on right issue basis?

Thanks & Regards,

 Rakhi Singh

Company Secretary

NKG Infrastructure Limited

CIN-U74899DL1989PLC038371

Tel-+91-11-23413731

Fax-+91-120-4537458

Mob# - +919990664838

[CS. Sheikhar P Naik]

Dear Lily,

Thanks for sharing. But MGT 14 is to be filed for Issue of Shares under Section 179(3) and 117 (3) (g).  

Regards 

CS. SHEIKHAR P NAIK

AMW - MGM Forgings Private Limited

Company Secretary

Mysore

I trust 'I CAN' not 'IQ'....

[CS Simranjeet Singh]

Mr. NAIK can u pls share the letter of offer and board resolutions required for right issue if u hav done this work..

 

 

   Regards,

  Simranjeet Singh

  Associate Company Secretary

   

[Deepal Shah]

Dear Learned Members,

A private company is intending to make allotment to the existing shareholders (  to only 2 out of current 5 shareholders) against the application money which has already been recd by the co. in Feb, 2014.

My queries are:-

1. Whether such an allotment is possible under the new Act, which specifically provides for making allotment within 60 days of the receipt of share application money.

2. Whether such allotment would come under Rights Issue or Preferential allotment...??

3. If the company can make such allotment, then a Letter of offer (PAS-4 & PAS-5 ) has to be filed with ROC as reqd u/s 62. On the contrary to this, the FAQ's provided by the ICSI, has denied this compliance, under the rights issue...So what procedure has to be followed.

4. If the company cant make such allotment, then what is the best possible recourse available to the company for getting out of this.

Kindly suggest the proper course of action.

Regards,

Deepal.

[CS Simranjeet Singh]

u can do back dated allotment by paying add fees in the month of march before 26th March when CA, 1956 was in force and there u don't need to comply any such letter of offer compliances.. simple make list of allottees and a BR for allotment and file them in form PAS-3 thats it..

other views solicited..

[Pranay Patel]

Dear All,

Please give your view:

ABC Pvt. Ltd. in its BOD meeting decided to offer 1 Lac equity shares to existing share holders. There are total 3 shareholders, out of which one shareholder is willing to opt for this offer and company is in need of money within 3-4 days.

1. Date of BOD meeting 5th July, 2014

2. Date of sending offer letter through email is today i.e. 7th July, 2014

3. Date of opening of offer will be 10th July, 2014

4. Last date to receive acceptance of offer will be 26th July, 2014.

Now, 

can we take the acceptance from shareholder on 11th July, 2014 and receive the money on 11th itself or we need to wait till 26th July.

If is it so, what will be date of board meeting for allotment of shares.

-- 

Best Regards

Pranay Patel

Company Secretary

+91 7869020174 

[CS Simranjeet Singh]

as per law of section 62(1)(a) you need to giv min 15 days and max 30 days for letter of offer (the same is modified via Draft notification whcih is yet to be finalised of MCA giving exemptions to pvt ltd co's to 7 and 15 days respectively) 

here u can use section 62(1)(a)(iii)  i.e on 11th july take acceptance frm that one shreholder and from other two early intimation on this date 11th july itself  to decline the offer made to them...

[Pranay Patel]

Dear Simranjeet ji,

Many thanks for your reply, will do the same.

But when it comes to second Board Meeting viz. for allotment of shares. Is it necessary to take the date of Board meeting as 11th July, 2014 it self.

What i think is, on 12th July, 2014 i will send the Notice of Board meeting to be held on 21st July, 2014 to the Directors for allotment of shares (keeping in view 7 days notice for conducting board meeting). 

Pls correct if i am wrong. 

-- 

Best Regards

Pranay Patel

[CS Simranjeet Singh]

urs welcome.. u can use proviso to section 173(3) in this case i.e call bm on shorter notice....

[Pranay Patel]

Thanks Again.

-- 

Best Regards

Pranay Patel

[Deepal Shah]

Dear Simranjeet, 

Thanks for your reply. 

But the recourse which u have suggested cannot be carried out, as the Balance sheet of the company has got finalized in April end itself...

Kindly suggest further.

[CS Simranjeet Singh]

Hello as u hav received the money in the month of February 2014 when no such rulings were there for pvt ltd co's.. so accordingly money received in this period will not come under the ambit of new CA, 2013.. and in April u can do allotment to existing shareholders by following right issue procedure.. for this u hav to file mgt 14 with BR for issue of shares and a formal letter of offer addressed to the shareholders of the company and then filing of PAS-3 with list of allottees and BR for allotment..

still other expert views solicited.

[Deepal Shah]

Thanks a lot for your guidance..

[Lily Bali]

Dear Rakhi

As per section-62 , it use the word Share Capital and Share capital can be Preference  or equity both, Acc. to me we can make right issue of both.

Regards

ACS Lily Bali

On Mon, Jul 7, 2014 at 12:44 PM, Deepal Shah <csdee...@gmail.com> wrote:

[Bidu Bhusan Dash]

what is the rules for issue of share certificate as per companies act, 2013, please share

Regards,

CS Bidu Bhusan Dash

M-9971324050

[Rajesh]

Dear Mr. Bidu,

Please find enlcosed the copy of the Companies (Share Capital and Debentures) Rules, 2014.

Thanks and Regards,
Rajesh R
Contact : 9886678285

[Bidu Bhusan Dash]

Dear Sir,

Now it is Companies (Share Capital and Debentures) Rules, 2014.................. but earlier it was Companies (Issue of Share Certificates) Rules, 1960..........right !

Regards

Bidu

Regards,

CS Bidu Bhusan Dash

M-9971324050

[Rajesh]

Mr. Bidu,

Please find the extract of Section 56 (4) for issue of shares.

Section 56 (4) Every company shall, unless prohibited by any provision of law or any order of Court, Tribunal or other authority, deliver the certificates of all securities allotted, transferred or transmitted—

(a) within a period of two months from the date of incorporation, in the case of subscribers to the memorandum;

(b) within a period of two months from the date of allotment, in the case of any allotment of any of its shares;

(c) within a period of one month from the date of receipt by the company of the instrument of transfer under sub-section (1) or, as the case may be, of the intimation of transmission under sub-section (2), in the case of a transfer or transmission of securities;

(d) within a period of six months from the date of allotment in the case of any

allotment of debenture: 

Provided that where the securities are dealt with in a depository, the company shall

intimate the details of allotment of securities to depository immediately on allotment of such

securities.

On Tue, Jul 8, 2014 at 12:15 PM, Rajesh <rajes...@gmail.com> wrote:

[Rajesh]

Yes. you are right.

[Bidu Bhusan Dash]

Thank you sir

Regards,

CS Bidu Bhusan Dash

M-9971324050

[csyogan .]

do we need to pass a board meeting resolution for offering shares u/s. 62(1)(a)

regards,
yogan.

[Rakhi Singh]

Dear Lily,

Thanks a lot for reply.