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Allotment of shares to a selected group of individual will amount to preferential allotment or not and what provisions would be applicable

Section 62- Further issue of share capital.

Posted By: Vivek vijay 10 year(s) ago

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    SUSHIL KUMAR ANTAL

Preferential offer means an issue of shares or other securities by a company to any select person or group of persons on a preferential basis. Therefore allotment of shares to a selected group of individual will amount to preferential allotment and Section 62(1)(c) and Rule No. 13 of Companies (Share Capital and Debentures) Rules 2014 would be applicable. Please note that under Rule No. 13, it is also mentioned that such issue on preferential basis should also comply with conditions laid down in Section 42 of the companies Act, 2013. So, also apply Section 42 and corresponding Rule No. 13 of Companies (Prospectus & Allotment of Securities) Rules 2014.

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Expert    Ankit Singhi

Allotment of shares to a selected group of persons will amount to preferential allotment and provisions of Section 62 of the Companies Act, 2013 and rule no. 13 of Companies (Share Capital and Debentures) Rules, 2014 would be applicable

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