Coupon holders for fractional shares are not allottees until allotment notice; interim dividends are earmarked pending exchange. Holders of fractional share coupons are not allottees merely by holding coupons; allottee status arises only upon communication of an allotment by the company and receipt of shares in exchange for those coupons. Interim dividends on the capital represented by the coupons are to be treated as earmarked for whoever later acquires full shares in exchange for the coupons.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Coupon holders for fractional shares are not allottees until allotment notice; interim dividends are earmarked pending exchange.
Holders of fractional share coupons are not allottees merely by holding coupons; allottee status arises only upon communication of an allotment by the company and receipt of shares in exchange for those coupons. Interim dividends on the capital represented by the coupons are to be treated as earmarked for whoever later acquires full shares in exchange for the coupons.
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