Allotment of share
Dinesh Jangid
(Querist) 10 September 2014
This query is : Resolved
Queries
Dear sir my queries related to provision of The Companies Act, 1956 are as follows:
1.The some member of the board of the company has made allotment of shares in an illegally conducted board meeting without receipt of share application and money by the company.
2.The EGM has been held with shareholders, whose allotment was illegal/void i.e. those share holders from whom no application and money for share allotment received.
3.Some member of the board of directors transferred the shares to other persons without receipt of shares transfer form along with share certificate by the company.
So in the above queries what are the penalties to be levied against company as well as defaulting directors/other directors of the company?
What remedies are available to shareholders and other directors of the company, who are unaware of the aforesaid act?
What are legal actions can take against the defaulting director by shareholders and other directors?
Please reply urgent.
Thanks & regard
T. Kalaiselvan, Advocate
(Expert) 16 September 2014
The company's legal adviser who on thorough scrutiny of all relevant papers and issues, will be in a position to advise next course of action in this regard.
