Shareholders ofcompany can make Weir inrited by passing a special resolution amd obtaining the Cour, copy of speci al resolution must be filed within thirty days of its p copy of the Court's confirmation order nu2st be bled within three now the order with the Registrar. Alteration IS effective from the date of ram by the Registrar
. Alteration of Capita. C ause. Alteration in the capita. clause me-. take any of the following shapes:
(i) Alterahon of share capital
(ii), Reduction of share capital (Secs. 100 to 104)
(iii) Variation of the rights of the shareholders (Sees. 106-107)
(iv) Re-arrangement of share caphai (See 391)
We shall discuss these shapes 022e by one in detail.
(it Aiteration of share capital. According to Section 94, a compare. limited by shares or a conlpany limited by guarantee and having a share capital can alter the capital clause of its memorn2d22222 m any of the follov.iQg ways:
If may increase its authori seQ share capital it IS to be noted that further issue of un-issued shares within the authorized capitals governed bv Section 81 of the Act and shall not alter the memorandum The board of directors, if so authorized by the articles, may increase the issued capital within the limit of authorized capital, board's resolution.
(b) it may consolidate or sui.-divide the whole or any pal t of its existing shares into shares of larger or smaller denorninations.
(c) It may convert its fully paid 2 shares into "stock" or vice versa.
(d) it may cancel its unissued shares, Be. sl2ares which have not been subscrilxd for by any person, and dlmir ish the amo2mt of its authorized share capital by the amount of the sir.2res so caulceiled. It is to be remembered that diminution of.wthonsed share capital by cancellatiQn.ofunssued share does not amount to reduction of share capit for the cancelied shares have never been issued to anyone. The object of such cance.iing may be io get rid of an unisst2ed class of shares carrying rights.
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