Dear Seniors,
Please help me with the right solution for the below mentioned questions,
1. Situation : Our Pvt Ltd Companies Authorized Share Capital is Rs. 5,00,000/- raised a share application money of Rs. 22,00,000/- in March 2008 till now, we are holding the share application money we haven't issued any shares.
Question 1: How long can we hold this money ?
Question 2: what is the procedure for the transfer of application money ?
Question 3: is there any legal penalities for the same ?
Question 4: to which head money can be transfered ?
2. Situation : Company was incorporated in India, We have 2 Indian Directors, we have added 2 Foreign Directors. We have received Rs. 27 lacs from Foreign Directors, We have taken this amount as share capital without issuing any shares
Question 1: Which head should this amount be booked ?
Question 2: What is the procedure for accepting foreign capital ?
Question 3: Is it necessary to file the FIRC certificates to ROC and RBI ?