What is allotment of shares? Discuss the rules regarding allotment of shares.

An allotment of shares is when a company issues new shares in exchange for cash or otherwise. Such allotment of new shares increases the company’s share capital. Private companies can allot new shares only after filing the Return of Allotment of Shares transaction via BizFile⁺. Public companies limited by shares can allot new shares anytime and must file the Return of Allotment of Shares transaction within 14 days from the date of allotment.

The company’s constitution may give its directors the power to decide on the number of new shares to be issued, the terms which they will be issued and the price subject to compliance with Section 161 of the Companies Act. However, regardless of what is provided in the constitution, all company directors must first seek approval through a general meeting before proceeding ___ ___ _______ ________ __________ ________ ___ ________ _____ _______ ________ ___.
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