Dear Sirs,
Request your opinion on below issue
On 16-6-2017, Board approved ₹ 30 crore to issue shares and money has to bring into India by 30-8-2017
On 26-7-2017, received ₹ 15 crore and balance will received by 30-8-2017
Understand need to allot shares within 60 days from the date of receipt of money. But within 60 days, there is no board meeting and our board also not interested paper minutes or circular memo. Please note board meeting will be held on 30-9-2017. Such being the case, what is the procedure for allotment without any violation of law?
Regards
Panch
Share Allotment Delay: Board Approval Challenges Compliance with 60-Day Rule; Advice to Consult Company Secretaries for Resolution. A query was raised regarding the allotment of shares following a board approval on June 16, 2017, for issuing shares worth 30 crore, with the funds to be brought into India by August 30, 2017. By July 26, 2017, 15 crore was received, with the remainder expected by the deadline. The issue is the requirement to allot shares within 60 days of receipt, but no board meeting is scheduled until September 30, 2017, and the board is not inclined to use paper minutes or circular memos. The response suggested consulting practicing Company Secretaries for guidance. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
