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«v CAPITAL FORMATION: SHARES AND DEBENTURES o Introduction o Capital Formation, Market Trend o Banks and Money Supply Capital Investment Profitability ...»

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7. Articles of Association of the Company and Resolution of the General Boday : The Articles of the Association of applicant company should contain a provision for the issue of CCP. Further, the company shall submit with the application to the CCI a certified copy of a special resolution in this regard under Section 81(lA) of the Companies Act, duly passed in a general meeting of the company. This resolution shall specifically approve the issue of the CCP shares and provide for compulsory conversion of the preference shares between the 3rd and 5th years as the case may be.

8. Miscellaneous: (a) All applications should be submitted to the Controller of Capital Issues (CCI) in the prescribed form duly accompanied by a Demand Draft for fees payable under the Act. (b) the application should be accompanied by a true copy of the Letter of Intent/Industrial Licence, whichever is necessary, or registration with the Director-General Technical Development (DGTD) for the project. (c) In respect of companies registered under the M.R.T.P. Act, they should ensure that [the requisite approval under the said Act has been obtained before making an application to the CCI. Documentary evidence of the foregoing should invariably be submitted with the application. (d) A certificate duly singed by the Secretary and/or Director of the company stating that the information furnished is complete and correct should be


annexed to the application. Similarily, certificate from the Auditors of the company stating that the information in the application has been verified by them and is found to be true and correct to the best of their knowledge and information, be furnished.

Concluding Remarks. Apart from the above stated government regulations the biggest boost to the investment psychology was provided by the liberalised attitude adopted by the government in the Union budget for 1985-86, which was marked by several innovative features. The slabs of personal income tax were reduced and the maximum rate of tax was cut from

61.9 per cent to 50 per cent. Besides, the exemption limit for personal income tax was raised from Rs. 15,000 to Rs. 18,000. The reduction in wealth tax rates, abolition of estate duty and the raising of the MRTP asset limit from Rs. 26 crores to Rs, 100 crores were other welcome features. In the field of indirect taxation several concessions were offered besides rationalisation of levies in several areas.

The broad-banding in industries like automobiles, two wheelers, electronics, man-made fibres, and the introduction of a new pragmatic textiles policy, changes in administered prices as well as liberalisation of technology imports have been the other policies which have helped in boosting the investment sentiment and toning up the investment climate.

In fact, a new class of investors has emerged and a considerable large amount of investible resources including unaccounted funds are being diverted to share markets.

This is evident from the buoyancy in the capital market. The amount of capital sanctions as well as capital issues are on the rise.

According to a rough estimate, the total amount of capital issues during J985-86 may exceed Rs. 2,500 against Rs. 1,377 crores in 1984-85 and Rs. 942 crores in 1983-84. Apart from issuing guidelines for issuing shares and debentures in 1984, the government has offered several concessions to the closely held companies for going public and listing of their shares on stock exchanges. This has already a beneficial impact in that several closely held companies, have invited public participation in their equity and many more are likely to do so in the near future.

Of late, the trading sentiment continues to be hopeful, but fresh investment in the secondary markets requires encouragement as a large chunk of investible resources is being diverted to the new issues market.

However, capital market circles are keenly awaiting the announcement of the new long term fiscal policy of the government. It is generally expected that the government would continue to be pragmatic in its approach to various issues and this would continue to have a beneficial impact on the capital market.

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