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The SC dismissed the appeal holding that when a company proposes to increase its subscribed capital by converting debt into equity shares, shareholder approval through a special resolution is mandatory u/s 62(1)(c) of the Companies Act, 2013. The appellant company had not obtained such approval before seeking listing of additional shares allotted to the Asset Reconstruction Private Limited, which was a prerequisite under Regulation 28 of the SEBI (LODR) Regulations, 2015 as well. The BSE and SAT rightly refused listing approval for want of shareholder approval.
The SC dismissed the appeal holding that when a company proposes to increase its subscribed capital by converting debt into equity shares, shareholder approval through a special resolution is mandatory u/s 62(1)(c) of the Companies Act, 2013. The appellant company had not obtained such approval before seeking listing of additional shares allotted to the Asset Reconstruction Private Limited, which was a prerequisite under Regulation 28 of the SEBI (LODR) Regulations, 2015 as well. The BSE and SAT rightly refused listing approval for want of shareholder approval.
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