Section 154 CAMA 2020
Section 154 Companies and Allied Matters Act is about Return as to allotment. It is under Allotment of Shares of Chapter 8 of PART B (Incorporation of Companies and Incidental Matters) of the Act.
Return as to allotment
(1) Whenever a company limited by shares makes any allotment of its shares, the company shall within one month thereafter deliver to the Commission for registration—
(a) a return of the allotments in the prescribed form, stating—
(i) the number and nominal value of the shares comprised in the allotment,
(ii) the names, addresses and description of the allottees, and
(iii) the amount, if any, paid or due and payable on each share, whether on account of the nominal value of the shares or by way of any premium payable in relation to such shares ;
(b) in the case of shares allotted as fully or partly paid up otherwise than in cash—
(i) a contract in writing, constituting the title of the allottee to the allotment together with any contract of sale, or for services or other consideration in respect of which that allotment was made, such contracts being duly stamped,
(ii) a return stating the number and nominal amount of shares so allotted, the extent to which they are to be treated as paid up, and the consideration for which they have been allotted, and
(iii) with respect to public companies, particulars of the valuation of the consideration in accordance with section 162 ; and
(c) such other documents and particulars as may be required by the Commission, but where the Commission requires that additional documents or particulars be submitted it shall grant the company additional time of at least seven days within which to provide the additional documents and particulars, and the additional time granted is deemed to be an extension of the one month period in subsection (1).
(2) If default is made in complying with this section, each officer of the company is liable to such penalty as the Commission shall specify in the regulation for every day during which the default continues.
(3) In case of default in delivering to the Commission within one month after the allotment any document required to be delivered by this section, the company or any officer liable for the default, may apply to the court for relief, and the court, if satisfied that the omission to deliver the document was accidental or due to inadvertence or that it is just and equitable to grant relief, may make an order extending the time for the delivery of the document for such period as the Court may consider proper
