i would like inform you about a pvt ltd company having authorised capital of 250000 shares and 10500 shares are alloted, since last five years we have recd 950000 as a share application money and we same show in bal sheet but we not alloted the shares since last five years,
what would the implication in case we nt alloted shares.
and also provide the procedure to allot the shares to foreign residents incase foreign residents documents r not available.
Foreign Residents are sons of directors plzz provide me procedure as earlr as possible.
26 March 2014
Share application money received but not allotted to person who have applied for it and same money has shown in the balance sheet of the company so the company has to file Form 5INV every year until the amount has lying in the balance sheet which is relevant with investor education protection fund (IEPF) .Download Form from the MCA site and download with instruction and read it. you will find your answer from that. and share allotment to NRI only done by through FDI route under which they have shown about what extent the NRI can Invest and in which Thing NRI are prohabited to Invest.
CAclubindia
