Dear All,
Please let me know if a Private Limited Company can make preferential allotment as well as ESOP simultaneously?
Also, will the valuation report of preferential allotment hold good for ESOP too or no?
It will be helpful if a checklist is shared.
Thanks in advance!
Section 10A was inserted in the Insolvency and Bankruptcy Code, 2016 (“Code”) for suspending the initiation of the corporate insolvency resolution process (“CIRP”) for any default arising on or after 25.03.2020 for a period of six months or such further period, not exceeding one year from such date. This amendment was introduced to provide relief to companies affected by COVID-19 pandemic by temporarily suspending the insolvency proceedings for a period six months i.e. w.e.f. 25.03.2020 till 25.09.2020.
Now, Ministry of Corporate Affairs vide notification dated 24.09.2020 has extended the temporary suspension of CIRP for a further period of three months i.e. w.e.f. 25.09.2020 to 25.12.2020.
As per the provisions of Section 10A, further extension of three months can still be granted further to the recent extension of three months.
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Queries:-
1.) Is there any bar for newly incorporated company to issue further shares at premium under Companies Act?
2.) If a newly incorporated company takes over the business of a proprietary concern, can it issue shares at premium to proprietor?
