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Forfeiture of Shares

SS - Old - 09 - Companies Law - SS - Old - 09 - SS - 9 Secretarial Standard on The following is the text of the Secretarial Standard-9 (SS-9) issued by the Council of the Institute of Company Secretaries of India, on . In the initial years, adherence by a company to this Secretarial Standard will be recommendatory. Introduction Forfeiture is withdrawal of shares due to non-payment of any call by the shareholder or for any other ground as may be provided in the Articles. On the member loses the a .....

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mpany. Call means a demand made by the company on members for payment of an amount due on shares in respect of nominal value or premium or both. Unless the context otherwise requires, words and expressions used herein and not defined shall have the meaning respectively assigned to them under the Act. Secretarial Standards 1. Authority 1.1 The Articles should contain a provision for . 1.2 requires approval of the Board in a duly convened meeting. 2. Procedure 2.1 Non-Payment of Calls 2.1-1 A held .....

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er with interest which may have accrued. 2.2-2 Notice should be served by the company on the defaulting member by registered post acknowledgement due. The notice should be sent at the address registered with the company. 2.3 Contents of Notice 2.3-1 The notice should state the amount of the call due and the interest accrued thereon. 2.3-2 The Notice should also specify a day not being earlier than the expiry of twenty-one days from the date of posting of the notice on or before which the payment .....

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ited. Any entitlement of the defaulting member for dividends on his partly paid up shares may be adjusted against his dues on calls. 3. Requirements of Forfeiture 3.1 The Board at a duly convened meeting should approve the forfeiture and authorize any director or manager or the secretary to make a declaration of such forfeiture - An authenticated list of shares to be forfeited together with the names of shareholders thereof should be placed before the Board for this purpose. 3.2 The date of appr .....

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ies in the register of members should be made with regard to forfeited shares. 3.7 Share certificates in relation to forfeited shares shall stand cancelled upon forfeiture. 3.8 There should be a reference to the in the report of the directors to the shareholders - In case of listed companies, notice of and actual forfeiture should be intimated to the stock exchange. 4. Annulment of forfeiture 4.1 The Board can annul the forfeiture by passing a resolution before the re-issue of forfeited shares. .....

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