Partly Paid up Shares

Before making a public/rights issue of equity shares/convertible securities, all the existing partly paid-up shares should be made fully paid-up or forfeited if the investors fail to pay all money within 12 months.

Means of Finance

A company cannot make a public/rights issues of securities unless firm arrangements of finance through verifiable means towards 75 per cent of the stated means of finance excluding the amount to be raised through the proposed issue have been made.

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