Increase in Authorized Capital
Authorized share capital is the maximum value of share capital that the company is legally authorized to shareholders. No company has right to issue shares beyond authorized capital. But when the business on rise and there is need for more investment there will be requirement to increase in authorized share capital. As per section 14 of Companies Act 2013, there should be provisions in Article of Association enabling increase in authorized share capital. Pass resolution in general meeting for approving increase in authorized share capital and legal documents should be sent to registrar within 30 days of passing of resolution.
Issuing New Shares?
When issue to existing promoters
It will be less complicated if new shares are issued to existing promoters ,if increasing the authorized capital For sanctioning increase in authorized share capital, a board meeting is required to be called .For Intimation of allotment of shares to registrar, Form PAS-3 needs to be filed .
When issue to new shareholders
A valuation report from Chartered Accountant will be required in case when shares are issued to new shareholders.
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