Say True or False : For the purpose of issue of Depository Receipts, a special resolution passed under section 62 of the Companies Act, 2013 is not sufficient to satisfy the special resolution required to be passed under
CS Professional · Secretarial Audit, Compliance Management and Due Diligence · PYQS · June 2017
Say True or False : For the purpose of issue of Depository Receipts, a special resolution passed under section 62 of the Companies Act, 2013 is not sufficient to satisfy the special resolution required to be passed under section 41 of the Companies Act, 2013.
Answer & Explanation:
False , as per the proviso to Rule 4(2) of Companies (Issue of Global Depository Receipts) Rules, 2014, a special resolution passed under Section 62 for the issue of shares underlying the depository receipts shall be deemed to be a special resolution for the purpose of Section 41 as well.
Topics: Companies Act, 2013
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