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ALLOTMENT OF SHARES IN CONSIDERATION OTHER THAN CASH

Postby rbajajcs1 » Wed Jun 11, 2008 6:23 pm

I HAVE INCORPORATED 3 COMPANIES
ONE IS UNDER PART-IX OF THE COMPANIES ACT, 1956 (CONVERSION OF PARTNERSHIP FIRM INTO COMPANY) WHICH WAS REGISTERED IN THE MONTH OF APRIL (SAY-COMPANY-A)
FIRM'S CAPITAL WAS BEFORE REGISTRATION -34CRORES
WHICH WAS DECIDED TO DIVIDED IN 2 PARTS
FIXED CAPITAL-10CRORES AND 24CRORES AS UNSECURED LOAN FROM THE PARTNERS

AT THE TIME OF REGISTRATION OF COMPANY-A'S AUTHORISED AND PAID UP CAPITAL BECOME RS.10CRORES

TWO OTHER COMPANY NAMED COMPANY-B AND COMPANY-C WERE REGISTERED WITH THE OBJECTS OF TAKE OVER THE EXISTING BUSINESS OF TWO PROPREITERSHIP CONCERNS RESPECTIVELY.
THE AUTHORISED CAPITAL OF BOTH THESE COMPANIES WERE RS.10LACS AT THE TIME OF REGISTRATION AND PAID UP CAPITAL WAS RS.1LAC

NOW COMPANY A GOING TO TAKE OVER BOTH COMPANIES NAMED COMPANY-B AND C

QUESTION-1 CAN COMPANY-A MAY ALLOT ITS REST CAPITAL OF 24 CRORES AT PREMIUM AGAINST THE ASSETS OF THE FIRM(CONSIDERATION OTHER THAN CASH)?
2.THE FIXED ASSETS OF COMPANY A IS RS.40CRORES

3. COMPANY B HAS AUTHORISED CAPITAL IS JUST RS.10LACS AND THE FIXED ASSETS OF PROP CONCERN TO BE TAKEN OVER IS RS.40CRORES
4.CAN COMPANY-B HAS TO PAY THE STAMP DUTY ON THE TAKING OVER THE FIXED ASSETS OF THE PROP CONCERN INTO THE COMPANY.
5.COMPANY-C HAS ALSO AUTHORISED CAP IS 10 LACS AND PAID UP CAPITAL IS 1LACS AND FIXED ASSETS OF THE PROP CONCERN TO BE TAKEN OVER IS RS.4CRORES
6.SHOULD THE ALLOTMENT PROCEDURE BE FOLLOWED AFTER THE ORDER OF HIGH COURT FOR AMALGAMATION

CAN ANY BODY GUIDE ME ITS URGENT
rbajajcs1
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