Board of directors of Mega Ltd. an unlisted company has decided to move ahead for preferential offer of equity shares. In this connection the Managing Director wants to know: What will happen if the allotment is not comp
CS Executive · Company Law · PYQS · June 2024
Board of directors of Mega Ltd. an unlisted company has decided to move ahead for preferential offer of equity shares. In this connection the Managing Director wants to know: What will happen if the allotment is not completed within the time limit above ?
Answer & Explanation:
If the allotment of shares is not completed within twelve months from the date of passing of the special resolution, another special resolution shall be passed for the company to complete such allotment thereafter.
Topics: Share Capital and Debentures
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