Issue of shares to NRI and Compliance

Uday G (Business) (254 Points)

02 February 2010  

Dear All,

A Private Limited Company issued shares of Rs. 10 Lakhs to NRI 2 years back.

but it has not intimated to RBI even the receipt of money and also the allotment of shares.

As per my knowledge the company should intimate the receipt of money to RBI with in 1 month, the shares should be issued with in 6 months form the date of receipt and within 1 month from the date of the allotment the compnay should file a return to the RBI.

But the company has not complied any of these .

can company comply these requirments now. and what may be the penalty or punishment for late filing.

Please give your valuable comment..

 

Thanks.

Uday.