tag:blogger.com,1999:blog-3202774368551476669.post1176228430078162031..comments2023-09-15T16:21:31.980+05:30Comments on INDIAN CORPORATE LAW: Supreme Court on 'Allotment of Shares' and 'Issue of Bonus Shares'Umakanth Varottilhttp://www.blogger.com/profile/12438677982004444359noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-3202774368551476669.post-75064999175129287442016-09-29T14:57:03.235+05:302016-09-29T14:57:03.235+05:30Has any case ever dealt with the difference betwee...Has any case ever dealt with the difference between issuance of shares and allotment of shares? How are these two different? Is it necessary to convene a board meeting for conversion of CCPS into equity shares when the same has been approved at the time of issuance of CCPS? Can the company convert the shares just passing a circular? Any inputs on this? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-60057888757658467572016-07-18T20:42:38.510+05:302016-07-18T20:42:38.510+05:30Can anyone tell if there is a case defining "...Can anyone tell if there is a case defining "Rights Issue"?mamtahttps://www.blogger.com/profile/06576927383686400097noreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-17730811491098733942011-06-09T19:09:54.835+05:302011-06-09T19:09:54.835+05:30is there any Judgment which defines "rights i...is there any Judgment which defines "rights issue"?atindriyohttps://www.blogger.com/profile/01938325886361048287noreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-45464543055084447522008-12-02T10:21:00.000+05:302008-12-02T10:21:00.000+05:30Hello Sir, thank you for the comment. TheCourt bri...Hello Sir, thank you for the comment. TheCourt briefly touched on ths aspect, here is what it said:<BR/><BR/>"There is a difference between 'renunciation' and 'allotment'... The judgment of the Madras High Court in S.R.Chockalingam Chettiar (1968) 70 ITR 397 dealt with the case of renunciation in which case under certain circumstances the renouncer could be treated as a donor..."<BR/><BR/>The Courtwent on to state that even in such a case, the transferor would not be the company but the renouncer - the tax liability for the transfer if any would ave to be borne by the renouncing shareholders and not by the company.Mihir Naniwadekarhttps://www.blogger.com/profile/10774588998184976540noreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-77862035058274163292008-12-02T09:45:00.000+05:302008-12-02T09:45:00.000+05:30Mihir, thanks for post. The situation might be som...Mihir, thanks for post. The situation might be somewhat different in a rights issue if renunciation was involved. In that case, it may perhaps be hard to argue that there is no "tranfser". Although there may be no transfer of shares, there is a transfer of the right to be allotted shares.Umakanth Varottilhttps://www.blogger.com/profile/12438677982004444359noreply@blogger.com