(Expert) 22 December 2008
Dear Mr. Bansal, the board of directors are having the power to reissue the forfeited shares subject to the articles of association of the compnay. so check the provisions of AoA.
There is no statutory provision for forfeiture of the shares under Companies Act, 1956. However, there is a provision in Chapter VIII of the SEBI(Disclosure and Investor Protection) Guidelines, 2000.