What is the procedure followed by a company while making an issue of b

Question

What is the procedure followed by a company while making an issue of bonus shares? What are the duties of an auditor in respect thereof ?

23 Jan 2022

Answer :

Word Count : 596

The following are the steps to be adhered by the company for the issue of Bonus shares.

Call a Board Meeting: The first step to be taken is to call for a Board Meeting. As per Section 173(3) of the Act, the issue of the notice must be at least 7 days before the Board Meeting.

Convene a Board Meeting: The company must then hold the Board Meeting and place the agenda. To convene the meeting, the following must be ensured:

Ensure the meeting has the required quorum that is ⅓ rd of the total strength of the Board.

Place the board resolution for approving the issue subject to the approval by shareholders in a general meeting by an _____ ___ _________ ____ ______ _____ _______.
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