Scott’s Legal is pleased to have advised Berger Paints Nig. Plc on its successful compliance with Regulation 13 of Companies Regulation 2021, by reducing the company’s share capital.
Regulation 13 provides that , existing companies with unissued share capital are to comply with the requirements of issued share capital under Section 868 of the Companies and Allied Matters Act 2020, Which defines “share Capital” as the “issued share capital of a company at any given time”.
Thereby making any unissued shares of a company which remains unissued by 31st December 2022, not to be recognized as forming part of the company. It also imposes penalties for non compliance.
We advised Berger Paints Nig. Plc on the reduction of its share capital and proceeded to obtain and order to this effect at the Federal High Court. We did this in a record time of two months.
We wish to congratulate Berger Paints Nig Ltd on this notable feat of compliance.
We counsel companies yet to comply to take quick steps before the deadline to avoid heavy penalties.