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of <h1>Companies Need Articles and Special Resolution for Preferential Share Allotment Under 2003 Rules, Updated in 2011</h1> Under the Unlisted Public Companies (Preferential Allotment) Rules, 2003, a company cannot issue shares or instruments convertible into shares on a preferential basis unless its articles of association authorize it and a special resolution is passed by the members in a general meeting. This resolution empowers the Board of Directors to proceed with the issue. The resolution must be implemented within twelve months. This provision was updated in a notification dated December 14, 2011.
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