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Object clause

Corporate & Other Laws

Are the sec 13 (object clause) and sec 27 (variation in terms of objects in prospectus) are same And also there is a slight difference that sec 13 requires special resolution by postal ballot and for ses 27 there is no need for postal ballot

abhishek kapale

CA Inter

★ 980

01-Jul-20 20:44

361

Answers (1)

Best Answer

Both of these sections talk about the same situation. Also, rules relevant to section 27 require the resolution to be passed through postal ballot. So that point is also same. The only difference is that, section 13 talks only about changing the 'object' for which public offer is made. Whereas, section 27 is larger is scope. Section 27 covers change in 'any terms in the contract or objects ' relating to such public offer.