Whether holders of coupons for fractional shares can be regarded as allottees - Companies Law - Letter : No. 8/31(75)/63‑PR,

Letter : No. 8/31(75)/63 ‑ PR, dated 27 ‑ 3 ‑ 1963. Subject:- Whether holders of coupons for fractional shares can be regarded as allottees The holders of coupons for fractional shares cannot be said to be allottees of any shares by the strength of holding such coupons till they actually receive communication of the allotment of any share from the company in their favour in exchange of the said coupons. (Any dividend declared in the meantime in respect of the capital represented by the coupons should not be treated as dividend declared in favour of any particular holder of a share as such, but as dividend kept earmarked for whoever may acquire full shares in exchange of the coupons.).