Kolkata: Microfinance company Spandana Sphoorty Financial has proposed to amend certain articles of the Articles of Association of the company to align the same with the Companies Act, 2013.
The company has sought shareholders approval for the same. The e-voting would take place between May 13 to June 11.
"It is proposed to change certain articles of the Articles of Association of the company to align the same with the Companies Act, 2013 and the rules made thereunder, and SEBI regulations/directives as amended. These articles are related to fund raising by the company," Spandana said Monday in a regulatory filing to stock exchanges.
The amendment would help Spandana issue shares not only for cash, but for services as well. For example, the company can buy property by allotting shares to the property owner, people aware of such regulations said.
"The company shall, subject to the applicable provisions of the Act, compliance with law and the consent of the board, have the power to issue share equivalents to any person (whether or not the share/ security holders of the company) on such terms and in such manner as the board deems fit including their conversion, repayment, and redemption whether at a premium or otherwise,” Spandana said
The company has sought shareholders approval for the same. The e-voting would take place between May 13 to June 11.
"It is proposed to change certain articles of the Articles of Association of the company to align the same with the Companies Act, 2013 and the rules made thereunder, and SEBI regulations/directives as amended. These articles are related to fund raising by the company," Spandana said Monday in a regulatory filing to stock exchanges.
The amendment would help Spandana issue shares not only for cash, but for services as well. For example, the company can buy property by allotting shares to the property owner, people aware of such regulations said.
"The company shall, subject to the applicable provisions of the Act, compliance with law and the consent of the board, have the power to issue share equivalents to any person (whether or not the share/ security holders of the company) on such terms and in such manner as the board deems fit including their conversion, repayment, and redemption whether at a premium or otherwise,” Spandana said
You may also like
Days after backtracking on low budget for FBI remarks, Kash Patel chairs meet with police chiefs
MP procures 77.74 lakh tons of wheat this season
Health bosses sound norovirus alarm as Brits told 'don't work for 48 hours'
Princess Kate debuts new look as she steps out in a Victoria Beckham olive two-piece
LIC's new business premium up nearly 10 pc in April
