11-25-2011, 10:30 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by bilalfca</i>
<br />salam
i have a different opinion..
practically, a Listed Co. will gonna float it shares in Stock Exchange so it ll definitely get applications from a large no. of people.. So the Co. will definitely have more than 10 members (to which the Co will allot shares) to held its AGM!!
Moreover, keep in mind Sec 146... Commencement of Business!
So when u read Sec 146 and other relevant Sections of CO 1984, it doesn't seems conflicting as per my understanding..
Regards!
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Listed company enjoys good credit rating, banks do not ask for personal guarantees from their directors, though generally rate is high however they have certain other tax benefits. It is quite possible that a seven memberse company may go into listing but does not offer shares for sale. Further , it is common that a company goes into listing for issue of new capital but could not float IPO for next two years for any contingency.
Law has to address all the situations and different provisions should be in harmony with one another. Inconsistencies are referred to by the author are absurdities in law. Such inconsistencies are called bad draftmanship all over the legal world. This inconsistency was not part of original law, rather in 2007 through reckless amendment change was made. Originally three members were required to conduct meeting and same was the requisite number for members. Then only quorum was changed without changing number of meeting.
You have said s.146 and other relevant sections have made you understand that there is no such conflict. I would be pleased if you share with the readers in detail that which sub-section of s.146 and which other RELEVANT SECTION has made you understand that there is no conflict. WE would be grateful if instead of giving vague verdict you may share your logic train leading to your judgment/understanding by quoting RELEVANT SECTIONS and their contents.
<br />salam
i have a different opinion..
practically, a Listed Co. will gonna float it shares in Stock Exchange so it ll definitely get applications from a large no. of people.. So the Co. will definitely have more than 10 members (to which the Co will allot shares) to held its AGM!!
Moreover, keep in mind Sec 146... Commencement of Business!
So when u read Sec 146 and other relevant Sections of CO 1984, it doesn't seems conflicting as per my understanding..
Regards!
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Listed company enjoys good credit rating, banks do not ask for personal guarantees from their directors, though generally rate is high however they have certain other tax benefits. It is quite possible that a seven memberse company may go into listing but does not offer shares for sale. Further , it is common that a company goes into listing for issue of new capital but could not float IPO for next two years for any contingency.
Law has to address all the situations and different provisions should be in harmony with one another. Inconsistencies are referred to by the author are absurdities in law. Such inconsistencies are called bad draftmanship all over the legal world. This inconsistency was not part of original law, rather in 2007 through reckless amendment change was made. Originally three members were required to conduct meeting and same was the requisite number for members. Then only quorum was changed without changing number of meeting.
You have said s.146 and other relevant sections have made you understand that there is no such conflict. I would be pleased if you share with the readers in detail that which sub-section of s.146 and which other RELEVANT SECTION has made you understand that there is no conflict. WE would be grateful if instead of giving vague verdict you may share your logic train leading to your judgment/understanding by quoting RELEVANT SECTIONS and their contents.
