ON THE CORPORATE AFFAIRS COMMISSION DIRECTIVE TO COMPANIES TO ALLOT ALL UNISSUED SHARES
For Leaders of Companies:
There was a regulatory directive to companies to allot all their shares by December 31, 2022. The directive stated further that all shares still unissued after the deadline would remain unrecognized as part of the company's share capital until fully issued or the company should otherwise reduce their share capital accordingly.
Kindly note that for affected companies i.e. those with yet to be allotted shares, penalties have been accruing on a daily basis since January 1, 2023.
Leaders of Limited Liability Companies wish unallotted shares should act as soon as possible to issue all shares and hence limit the amount of penalties which they would have to part with to the Corporate Affairs Commission.
Further enquiries are welcome.
