AMENDMENT IN COMPANIES (SHARE CAPITAL AND DEBENTURES) RULES, 2014

Ministry of Corporate Affairs has amended “The Companies (Share Capital and Debentures) Rules, 2014. This is second amendment in these rules. Text of amendment is as follow:

In the-Companies (Share Capital and Debentures) Rules,2014, in rute 5, in sub-rule (3),-

(i). for the words ‘issued under the seal of the company’., the words ‘issued under the seal, if any, of the company,, shall be substituted.

(ii) for clause (b), the following clause (b) shall be substituted, namely:-

“(b) the secretary or any person authorised by the Board for the purpose Provided that in case a company does not have a common seat, the share certificate shall be signed by two directors or by a director and the Company Secretary, wherever the company has appointed a Company Secretary:

Provided further that, if the composition of the Board permits of it, at least one of the aforesaid two directors shall be a person other than a managing director or a whole time director:

Provided also that, in case of a One person Company, every share certificate shall be issued under the seal, if any, of the company, which shall be affixed in the presence of and signed by one director or a person authorised by the Board of Directors of the company for the purpose and the Company Secretary, or any other person authorised by the Board for the purpose, and in case the One person Company does not have a common seal, the share Certificate Shall be signed by the persons in the presence of whom the seal is required to be affixed in this proviso.

You can download the text of said amendment form the following link:

http://mca.gov.in/Ministry/pdf/Rules_31052015_1.pdf

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