PROCEDURE FOR ALLOTMENT OF SHARES ON RIGHT ISSUE BASIS :
· Issue notice in writing to every Director at least seven days’ before convening the Board meeting. [Sec 173 (3)]
· Convene a Board Meeting
· Pass a Board resolution for approving “Letter of offer”. The offer letter shall include right of renunciation also.
· Dispatch Letter of offer to all existing shareholders through registered post or speed post or through electronic mode at least three days before the opening of the issue.
· Receive acceptance, renunciations, rejection of rights from shareholders.
· Issue notice in writing to every Director at least seven days’ before convening the Board meeting. [Sec 173 (3)]
· Convene a Board Meeting
· Pass Board resolution for approving allotment and issue of shares.
· File with Registrar a return of allotment in E-Form PAS-3 within 30 days of allotment of shares.
· File E-form MGT 14 within 30 days of Issue of securities.
