Board Meeting Corporate For Bonus Issue In Salt Lake
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FAQ
The issuance of bonus shares requires approval from the company's Board of Directors. Once approved, the bonus shares are credited directly to the shareholders' accounts. These shares are allocated in a specified ratio, such as , meaning shareholders receive 3 bonus shares for every 1 share they already hold.
➢ Convene EGM and obtain the consent of the shareholders through an Ordinary Resolution for issue of Bonus Shares. ➢ File MGT-14 within 30 days from the date of passing the ordinary resolution for the issue of Bonus Shares.
Procedure of issue of Bonus issue: Call a Board Meeting to consider. increase in authorized capital (if required), issue of bonus shares and. for taking necessary steps in that regard to convening the General Meeting, to pass an Ordinary or Special Resolution, if articles so require.
To expedite this process, SEBI has decided that, starting from October 1, 2024, bonus shares will be traded under a T+2 timeline. This means that bonus shares will be available for trading within two trading sessions after they are issued to shareholders.
Convene the General Meeting: The Extraordinary General Meeting must be convened, and the issue of bonus shares must be authorized by passing Ordinary resolution by simple majority as per section 114(1) of the Act and authorize the Board to allow the bonus shares.
Can I sell bonus shares immediately? The shares are credited in case of a bonus issue a few days (normally 15 days) after the ex-date. Thus the investor is unable to sell the share before it is credited to his demat account because doing so could result in an auction.
