There are few simple steps for Increase in Authorized Share Capital:
A company can expand its business up to the level of authorised capital. If you want to expand your business by infusion of more funds then first you have to increase your authorised capital by following the few steps as mentioned below in the procedure to increase authorised capital.
Before to go for increase of authorised capital, first need to check whether the company AOA contains provision for increase in authorise capital as it is first condition mentioned in the section 61 as we read above also that if it is authorise by the article then only company can increase its authorise capital.
If AOA doesn’t contain the provision for increase in authorised capital, then first we have to alter the articles as per the provision of Section 14 of the Companies Act, 2013 after that we can proceed towards the increase in authorise capital.
BOD of the company in the board meeting discuss and approve the following:
Call and hold the Extraordinary General Meeting (EGM) of the members on the Day, Date, Time, & Venue as decided by the board of directors in their board meeting and the pass the resolution for increase in authorise capital by passing ordinary resolution.
Alter the Capital clause in the MOA of the Company.
A limited company shall file form SH-7 with the Registrar of Company within the period of period of 30 days of such alteration along with the following attachment:
IEC Stands for Importer Exporter code which is a 10 digit number issued by Director General of Foreign Trade, Department of Commerce, Government of India. It is a registration required for traders importing or exporting goods and services to or from India.
Import Export Code number is a proof of a firm as an Exporter/Importer in India. IE code can be submitted with government authorities as a proof of trade to obtain various benefits on their exports / imports from DGFT, customs etc.