For how long is the application money retained by any company, if such company is Unlisted Public Company?
Vineet Kumar Sharma (Chartered Accountant) (316 Points)
11 February 2010For how long is the application money retained by any company, if such company is Unlisted Public Company?
Mitali Agarwal
(Company Secretary)
(638 Points)
Replied 12 February 2010
There is as such no time limit for retaining of application money by the Company.
The company can make allotment at any time but keeping of share application money for a long time may cause the Income Tax Department to raise queries during assessment.
Mitali Agarwal
(Company Secretary)
(638 Points)
Replied 13 February 2010
My pleasure! By the way my name spells as "Mitali"!
CAclubindia
