Allotment of shares

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

25 April 2016 RESPECTED SIR,
A PRIVATE LIMITED COMPANY RECEIVED A CHEQUE ON 28.03.2016 FROM MR. A FOR ALLOTMENT OF SHARES. BUT DUE TO OVERSIGHT THE CHEQUE COULD NOT BE DEPOSITED IN BANK SHARE APPLICATION MONEY ACCOUNT ON 28.03.2016.
THE CHEQUE IS DEPOSITED IN BANK ACCOUNT ON 22.04.2016 AND CLEARED ON THE SAME DAY.
SIR, CAN THE COMPANY ALLOT SHARES IN THE NAME OF MR. A AS ON 31.03.2016
SIR PLEASE GUIDE ME BECAUSE I AM TOO MUCH CONFUSED
WITH REGARDS

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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25 April 2016 No.

You can't allot the shares on the basis of cheque received. you can allot the shares only on credit of share application money in bank account. in your case cheque is realized on 22.04.2016. Allotment can be made on or after 22.04.2016.

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Querist : Anonymous

Querist : Anonymous (Querist)

26 April 2016 THANK YOU SIRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR