. What alterations of capital does not require Court Approval?
Answers
Answer:
Alteration can be effected in the capital by passing an ordinary resolution in the general meeting of the company. (iii) Confirmation of court is not required: For such an alteration of capital, the confirmation of court is not required.
Answer:
Alterations of the Share of capital does not require any court approval. Company can pass a resolution in the board meeting without any court approval.
Explanation:
In Section 61 (1) of the Companies Act, 2013 provides that a company limited by shares or guarantee and having a share capital may, if so authorised by its articles, alter, by an ordinary resolution, its memorandum in the following ways:
1. It may increase the authoried share capital by such amount, as it thinks expedient;
2. It may consolidate and divide, all or any of its existing shares into a larger denomination than
of its existing shares e.g., by consolidating ten shares of Rs 10 each into one share of Rs 100 each.
3. It may convert all or any of its fully paid-up shares into stock or reconvert that stock into fully paid-up shares of any denomination.
4. It may sub-divide its existing shares or any of them into smaller denomination than fixed by its Memorandum but it must keep the existing proportion between the paid-up and unpaid amount.
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