{"id":116303,"date":"2023-07-29T10:48:19","date_gmt":"2023-07-29T05:18:19","guid":{"rendered":"https:\/\/legalwindow.in\/?p=116303"},"modified":"2023-07-28T11:48:00","modified_gmt":"2023-07-28T06:18:00","slug":"issue-of-bonus-shares","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/issue-of-bonus-shares\/","title":{"rendered":"All you need to about Issue of Bonus Shares under Companies Act, 2013"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-116330 size-large\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/How-to-Get-Hookah-Lounge-License-in-Rajasthan-\u2013-Process-Fees-2-4-1024x538.png\" alt=\"All you need to about Issue of Bonus Shares under Companies Act, 2013\" width=\"1024\" height=\"538\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Get-Hookah-Lounge-License-in-Rajasthan-\u2013-Process-Fees-2-4-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Get-Hookah-Lounge-License-in-Rajasthan-\u2013-Process-Fees-2-4-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Get-Hookah-Lounge-License-in-Rajasthan-\u2013-Process-Fees-2-4-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Get-Hookah-Lounge-License-in-Rajasthan-\u2013-Process-Fees-2-4-768x403.png 768w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/How-to-Get-Hookah-Lounge-License-in-Rajasthan-\u2013-Process-Fees-2-4.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p>The <strong>Issue of Bonus Shares<\/strong> is a significant aspect of corporate finance and is governed by the provisions of the Companies Act, 2013 in India. <strong>Bonus shares<\/strong>, also known as scrip dividends or capitalization shares, are additional shares issued by a company to its existing shareholders as a form of reward or incentive. This article delves into the key aspects of bonus shares under the Companies Act, 2013 and explores the implications for both companies and shareholders.<\/p>\n<p>However, before we move on to discuss about <strong>Issue of Bonus Shares<\/strong>, let us first understand the meaning of Bonus Share.<\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #000000;\"><strong>Table of Content<\/strong><\/p>\n<ul>\n<li><a href=\"#bonus\">Meaning of Bonus Share<\/a><\/li>\n<li><a href=\"#issue\">Issue of Bonus shares under Companies Act, 2013<\/a><\/li>\n<li><a href=\"#shares\">Advantages of Issue of Bonus shares<\/a><\/li>\n<li><a href=\"#checks\">Conditions and Checks for Issue of Bonus shares<\/a><\/li>\n<li><a href=\"#some\">Some Mandatory Requirements regarding Issue of Bonus shares<\/a><\/li>\n<li><a href=\"#for\">SEBI Guidelines for the Issue of Bonus shares<\/a><\/li>\n<li><a href=\"#act\">The Procedure for Issue of Bonus shares as per Companies Act, 2013<\/a><\/li>\n<li><a href=\"#takeaway\">Takeaway<\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"bonus\"><strong>Meaning of Bonus Share<\/strong><\/h2>\n<p>Despite having a profit, companies can struggle to pay dividends in cash due to a lack of resources. Instead of delivering the Dividend in cash to the shareholders in this circumstance, the Companies issue <strong>Bonus shares<\/strong> to current shareholders. <strong>Bonus shares<\/strong> are distributed in proportion to the number of shares without incurring any costs.<\/p>\n<p>Before, there were no particular regulations governing <strong>Bonus shares<\/strong> under the Companies Act, 1956. When SEBI became a regulator, the Controller of the Capital Issues, who had previously issued certain regulations, was also abolished.<\/p>\n<p><strong>Bonus shares<\/strong> are distributed to shareholders as additional shares based on the number of shares they own in the company. A company&#8217;s accrued earnings are occasionally dispersed as <strong>Bonus shares<\/strong> rather than dividends. These shares are distributed to present shareholders for no monetary consideration. <strong>Bonus shares<\/strong> improve the Company&#8217;s marketability. The primary goal of the Bonus Issue is to align the Company&#8217;s nominal capital with its assets.<\/p>\n<h2 id=\"issue\"><strong>Issue of Bonus shares under Companies Act, 2013<\/strong><\/h2>\n<p>The <strong>Issue of Bonus shares<\/strong> is a typical occurrence in the corporate sector. When the company has a substantial profit surplus and intends to convert it into share capital, it might issue <strong>bonus shares<\/strong> to its owners in proportion to their respective holdings.<\/p>\n<p><strong>Bonus shares<\/strong> are issued to capitalize the Company&#8217;s profits or reserves. It is also commonly referred to as &#8220;Capitalization Shares&#8221; because these shares are issued upon the capitalization of profits or reserves. The primary goal is to <a href=\"https:\/\/legalwindow.in\/increase-in-capital\/\">increase the Company&#8217;s share capital<\/a>. The issuance of <strong>bonus shares<\/strong> results in no cash outflow.<\/p>\n<p>When reading with Rule 14 (Companies Share Capital and Debenture) Rules, 2014, in the new Companies Act, 2013, Section 63, it says for the <strong>Issue of Bonus shares<\/strong> to the shareholders.<\/p>\n<p>Section 63 of the Companies Act, 2013 allows for the issuance of <strong>bonus shares<\/strong> of fully paid-up equity shares as follows:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-116314 size-full\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/nju.png\" alt=\"Issue of Bonus shares under Companies Act, 2013\" width=\"411\" height=\"377\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/nju.png 411w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/nju-300x275.png 300w\" sizes=\"auto, (max-width: 411px) 100vw, 411px\" \/><\/p>\n<ul>\n<li>Through the Company&#8217;s Free Reserves;<\/li>\n<li>Through the Securities Premium Account; and<\/li>\n<li>Through the Capital Redemption Reserve Account.<\/li>\n<\/ul>\n<h2 id=\"shares\"><strong>Advantages of Issue of Bonus shares<\/strong><\/h2>\n<p>The following are the advantages of <strong>Issue of Bonus shares<\/strong>:<\/p>\n<ul>\n<li>Increase the company&#8217;s share base through encouraging retail participation.<\/li>\n<li>The price per share falls as the number of shares issued increases due to the bonus issuance. It becomes simple for an investor to purchase stock in that company.<\/li>\n<li><strong>Bonus shares in India<\/strong> are a sign that the company is in good health. It indicates that the company is ready to service its increased equity.<\/li>\n<li>The investor is not required to pay any taxes upon receipt of the <strong>bonus shares in India<\/strong>.<\/li>\n<li>The issuance of new shares and the use of funds for the Company&#8217;s business growth build investor confidence in the Company&#8217;s operation.<\/li>\n<li>The bonus issuance allows the organization to save money for reinvestment in the business.<\/li>\n<li>The issuance of <strong>bonus shares<\/strong> increases the number of outstanding shares and the participation of smaller investors in the Company&#8217;s shares, so improving liquidity.<\/li>\n<li>The perception of the company&#8217;s size grows as its issued share capital grows.<\/li>\n<\/ul>\n<h2 id=\"checks\"><strong>Conditions and Checks for Issue of Bonus shares<\/strong><\/h2>\n<p>The following are the conditions and checks for <strong>Issue of Bonus shares<\/strong>:<\/p>\n<p><strong>Conditions for the Issue of Bonus shares<\/strong><\/p>\n<p>The following are the conditions for the <strong>Issue of Bonus shares<\/strong>:<\/p>\n<ul>\n<li>According to Section 63 of the Companies Act,\u00a02013, the Articles must include provisions for the issuance of <strong>bonus shares<\/strong>.<\/li>\n<li>The members should authorize the issuance of <strong>bonus shares<\/strong> based on the Board&#8217;s recommendation.<\/li>\n<li>The Company should make no payment defaults on fixed deposits or debt securities.<\/li>\n<\/ul>\n<p>These are some of the conditions that a Company must keep in mind while issuing <strong>Issue of Bonus shares<\/strong><\/p>\n<p><strong>Checks for Issue of Bonus shares<\/strong><\/p>\n<p>The following are the checks for the <strong>Issue of Bonus shares<\/strong>:<\/p>\n<ul>\n<li>Check that the authorized capital is sufficient to issue <strong>Bonus shares<\/strong>. If the capital is sufficient, the company can proceed with the share issue. If the capital is insufficient, the capital clause in the Memorandum of Association (MoA) should be changed.<\/li>\n<li>Check the <a href=\"https:\/\/legalwindow.in\/complete-procedure-for-the-alteration-in-aoa-of-a-company\/\">Articles of Association (AoA)<\/a> to see if they allow for the issuance of <strong>bonus shares<\/strong>. If the AoA permits, the Company may proceed with the Issue; however, if the AoA does not permit, the AoA must be altered.<\/li>\n<li>The availability of resources will be examined.<\/li>\n<li>The number of <strong>bonus shares<\/strong> will be determined.<\/li>\n<\/ul>\n<h2 id=\"some\"><strong>Some Mandatory Requirements regarding Issue of Bonus shares<\/strong><\/h2>\n<p>The following are some mandatory requirements regarding <strong>Issue of Bonus shares<\/strong>:<\/p>\n<ul>\n<li>Subject to the following (Section 63(2) and Regulation 293), the company shall capitalize its profits or reserves for the purpose of distributing fully paid-up <strong>bonus shares<\/strong>:<\/li>\n<li>Articles of Association Authorization<\/li>\n<li>Approval of its Shareholders\/Members through a special resolution passed at a duly constituted <a href=\"https:\/\/legalwindow.in\/annual-general-meeting-as-per-companies-act\/\">general meeting<\/a> on the basis of the Board&#8217;s recommendations.<\/li>\n<li>There has been no default in the payment of interest or principal on fixed deposits or debt instruments issued in this manner.<\/li>\n<li>There is no default in the payment of employees&#8217; statutory dues, such as provident fund contributions, gratuities, and bonuses.<\/li>\n<li>Make all outstanding partially paid-up shares as fully paid-up on the day of allotment.<\/li>\n<li>None of its promoters or directors is fugitives from justice.<\/li>\n<li>If a bonus issue has been announced, the company must refrain from withdrawing from the Board&#8217;s recommendation. (Rule 14)<\/li>\n<li>The bonus issue will be implemented by the Issuer Company as follows:<\/li>\n<li>Within fifteen days of the date of the board meeting at which shareholders&#8217; approval is not necessary for the capitalization of profits or reserves in order to make the bonus issue.<\/li>\n<li>Within two months of the date of the board meeting at which shareholders&#8217; approval is required for the capitalization of profits or reserves in order to make the bonus issue. (Regulation 295)<\/li>\n<\/ul>\n<h2 id=\"for\"><strong>SEBI Guidelines for the Issue of Bonus shares<\/strong><\/h2>\n<p>The <a href=\"https:\/\/www.sebi.gov.in\/\">Securities and Exchange Board of India (SEBI)<\/a> major guidelines for the <strong>Issue of Bonus shares<\/strong> are as follows:<\/p>\n<ul>\n<li>The <strong>Bonus shares<\/strong> do not dilute other offerings.<\/li>\n<li>The <strong>Bonus shares<\/strong> will be issued only from the Free Reserves.<\/li>\n<li>The Reserve created by an asset revaluation cannot be capitalized for <strong>Bonus shares<\/strong>.<\/li>\n<li>The <strong>Bonus shares<\/strong> cannot be granted in place of the Dividend.<\/li>\n<li>After obtaining <a href=\"https:\/\/legalwindow.in\/private-limited-company\/\">Company Registration<\/a>, the company must implement the <strong>Bonus shares<\/strong> plan within 6 months following the proposal&#8217;s approval in the Board Meeting.<\/li>\n<li>The Company cannot withdraw the <strong>Bonus shares<\/strong> proposal after it has been made.<\/li>\n<li>There should be no default in the payment of the Company issuing <strong>Bonus shares<\/strong>&#8216; interests.<\/li>\n<li>Bonuses should not be issued within 12 months of the public offering.<\/li>\n<li>The Articles of Association (AoA) should include a provision for the capitalization of reserves. If no provision exists, modify the AoA accordingly.<\/li>\n<li>If necessary, the Company&#8217;s authorized capital can be increased to allow the Bonus Share proposal.<\/li>\n<\/ul>\n<h2 id=\"act\"><strong>The Procedure for Issue of Bonus shares as per Companies Act, 2013<\/strong><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-116315 size-full\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/lopmk.png\" alt=\"The Procedure for Issue of Bonus shares as per Companies Act, 2013\" width=\"391\" height=\"452\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/lopmk.png 391w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/lopmk-260x300.png 260w\" sizes=\"auto, (max-width: 391px) 100vw, 391px\" \/><\/p>\n<p>The following is the procedure to be followed by a Company for <strong>Issue of Bonus shares<\/strong> as per Companies Act, 2013:<\/p>\n<p><strong>Call for\u00a0a Board Meeting<\/strong><\/p>\n<p>Give members of the board at least seven days&#8217; notice before the meeting.<\/p>\n<p><strong>Conduct a Board Meeting<\/strong><\/p>\n<p>The following issues should be discussed at the board meeting:<\/p>\n<ul>\n<li>According to Section 174(1), the board meeting must have a quorum of one-third of the board&#8217;s membership.<\/li>\n<li>It is necessary to choose the ratio of <strong>Bonus shares<\/strong> to be issued.<\/li>\n<li>Approve the Board Meeting Resolution.<\/li>\n<li>Make a decision regarding the EGM&#8217;s location, date, and time.<\/li>\n<li>Set a date for the EGM. Complete information about the EGM as well as the director&#8217;s authorization for the right Issue will be included in the notice of EGM.<\/li>\n<li>According to Section 101 of the Companies Act,\u00a02013, the EGM notice must be sent at least 21 days prior to the scheduled date.<\/li>\n<\/ul>\n<p><strong>Submit Form MGT-14<\/strong><\/p>\n<p>E-form MGT-14 must be submitted within 30 days of the Board Resolution for the <strong>Issue of Bonus shares<\/strong> being approved. The MGT-14 Form should be accompanied by the Resolution adopted for the Issue of Shares.<\/p>\n<p><strong>Hold\u00a0EGM<\/strong><\/p>\n<p>The following should be looked for by the EGM:<\/p>\n<ul>\n<li>Check the meeting&#8217;s quorum.<\/li>\n<li>Check to see if the auditor is in the room. If the person is absent, determine whether or not a Leave of Absence has been issued in accordance with Section 146 of the\u00a0Companies Act, 2013.<\/li>\n<li>Pass the <strong>Bonus shares<\/strong> Issue\u00a0Resolution.<\/li>\n<li>Accept the resolution for the bonus share allocation.<\/li>\n<\/ul>\n<p><strong>E-Form Submission<\/strong><\/p>\n<p>After the EGM, file Form PAS-3 with the Resolution for <strong>Bonus shares<\/strong> Issues. The following requirements should be included with the Form PAS-3:<\/p>\n<ul>\n<li>Resolution for <strong>Bonus shares<\/strong> Allotment<\/li>\n<li>Resolution for <strong>Bonus shares<\/strong> Issue<\/li>\n<li>List of the Allottees, including each person&#8217;s name, address, profession, and the quantity of securities assigned to them.<\/li>\n<\/ul>\n<p><strong>Issuance of Bonus\u00a0Share Certificate<\/strong><\/p>\n<p>The Company must distribute share certificates to all shareholders within two months of the completion of the share allotment.<\/p>\n<h2 id=\"takeaway\"><strong>Takeaway<\/strong><\/h2>\n<p>The <strong>Issue of Bonus shares<\/strong> to shareholders is regulated by the Companies Act,\u00a02013. The AoA should give permission for the Issue. Once recommended, the Company cannot stop issuing <strong>bonus shares<\/strong>. The <strong>Bonus shares<\/strong> Issue process takes a lot of time and effort. You can also connect with our Experts at <a href=\"https:\/\/legalwindow.in\/\">Legal Window<\/a> in case you need assistance regarding the procedure. Our Experts may assist in timely delivery of your work in smooth manner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Issue of Bonus Shares is a significant aspect of corporate finance and is governed by the provisions of the Companies Act, 2013 in India. Bonus shares, also&hellip;<\/p>\n","protected":false},"author":9,"featured_media":116335,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-116303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Issue of Bonus Shares under Companies Act, 2013&#187; Legal Window<\/title>\n<meta name=\"description\" content=\"The issue of bonus shares is an important aspect of corporate finance and is governed by Issue of Bonus Shares under Companies Act, 2013.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalwindow.in\/blog\/issue-of-bonus-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Issue of Bonus Shares under Companies Act, 2013&#187; 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