Legal Question in Education Law in India
Company Law
Is it mentioned anywhere specifically in the Companies Act, 1956 that the power to allot the shares of private limited company vests with the Board of Directors and not members of the Company?
Asked on 11/12/08, 2:37 am
1 Answer from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Re: Company Law
It is required to be mentioned right in the Memorandum & Articles of Association of the Company on the basis of provisions in the Companies Act. The shares of a Private Limited Company are required to be allotted by the Board of Directors.
Answered on 11/12/08, 10:16 am
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