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Increase or decrease of authorized share capital of a company is known as alteration of share capital. The Companies Act, 2013, provides the power to alter the share capital of the company. Any modes of alteration of share capital must be authorised by the article of the company. In the absence of an express provision in the article, no alteration of the capital can be done. Therefore, before commencing upon the passing of a resolution to change the share capital of the company, it has to be ensured that there is an express provision in the articles authorizing the company to alter its share capital.
Any resolution passed at the general meeting approving the alteration of the share capital of the company must be filed with the Registrar of Companies within 30 days from the date of passing such resolution.
• Issue a Board notice with the agenda of the meeting at least 7 days before the date of the meeting.
• Hold a Board Meeting
• Pass the Resolution for the Alteration of Share Capital in the Board meeting.
• The Resolution passed is subject to the approval of Shareholders Meeting.
• For holding a Shareholders Meeting, fix the date, time and venue for the meeting.
• Director is authorized to send notice of the Shareholders meeting to the Shareholders.
• The notice for a Shareholders meeting should be issued at least before 21 days of the meeting
• Hold a Shareholders meeting
• Pass the Resolution with the consent of the majority shareholders.
• After passing of the Resolution, the Registrar of the Companies (RoC) should be notified about the Alteration in Capital within 30 days of the passing of Resolution. If the Registrar is not notified about the Alteration within 30 days, then the company or its officers will be liable to pay a fine up to 10,000 Rupees for each day of delay and which can be extended to 5 lakh Rupees.
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Sec 61. Power of limited company to alter its share capital.
- (1) A limited company having a share capital may, if so authorized by its articles, alter its memorandum in its general meeting to
(a) increase its authorized share capital by such amount as it thinks expedient
(b) consolidate and divide all or any of its share capital into shares of a larger amount than its existing shares: Provided that no consolidation and division which results in changes in the voting percentage of shareholders shall take effect unless it is approved by the Tribunal on an application made in the prescribed manner;
(c) convert all or any of its fully paid-up shares into stock, and reconvert that stock into fully paid-up shares of any denomination;
(d) sub-divide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so, however, that in the sub-division the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived;
(e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.
(2) The cancellation of shares under sub-section
(1) shall not be deemed to be a reduction of share capital
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