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Increase in Auth Capital

(Querist) 05 June 2010 This query is : Resolved 
A company has its current Auth Capital of Rs. 10 Cr it intend to increase it to Rs. 50Cr. but does not want to increase it in one go.It proposes the following solution:
to take the shareholders approval in an AGM to authorize the Board to increase the Auth Cap upto Rs 50 Cr., if needed, till the next general meeting and also auth the Board to alter the MOA to give effect to the resolution..... Is the proposed solution legally possible??? Kindly give ur opinion with reasons, proviosions, circulars and case laws..
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Heaven 2011 (Expert) 09 June 2010
Yes it is possible. For explanation you may kindly refer to Guide to Companies Act by Ramaia.

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