Dear all,
I'm preparing for an exam in November and have the following queries in Company law:
1. AOA of a company include following provisions:
a. Restricted right to transfer of shares.
b. Limit the number of 50 excluding present employees shareholders and past employees who continued as share holders
c. Prohibits invitation to the public to subscribe any shares/ debentures.
Advise as to the steps required to be taken for making a preferential issue of shares to a person who is not a members of shareholder.
2. A company limited by shares wishes to convert itself into a guarantee company. Whether the same is possible? If so, explain statutory procedure in relation thereto. Also explain steps and statutory procedure for converting guarantee company into company limited by shares.
3. A Is a Director and 15% shareholder in ABC Ltd, a listed company. The company is not having any operations since more than 1 year and has not held any board meeting and/or General meeting since last 2 years purportedly in view of losses. No notices for any such meetings are received by A since 2 years. He on verification of Company records is shocked to know that he’s been removed as director of the Company 4months ago.
a. What are remedies available to him?
b. What are the liabilities accruing on A for the Company’s violation of not conducting meetings?
4. Mr. X and Mr. Y are relatives of Mr. Z and wishes to make deposit in ABC Ltd. Of which Mr. Z is a Director. Explain the modalities in a check list manner to comply with the regulatory provisions.
It would be great if you could throw some light on the queries above.
Thanking you in advance!
Best Regards
