Private company-advance from promoter towards share capital

My company is a fully owned State Government Undertaking wherein 70% of Share Capital is held by the State Government and balance 30% by two State Government owned PSUS. The status of the company is 'private' and it cannot invite share capital from the public. Authorised Share Capital is Rs.20 Crore and issued share capital is Rs.18 Crore. The company had received an amount of Rs.40 Crore from the State Government by way of budget allocation during 2014-15 towards additional equity contribution. Pending steps to raise the authorised capital of the company to Rs.60 Crore, the above sum of Rs.40 Crore is shown as 'advance share capital' in the balance sheet for 2014-15. The auditor opines that the amount of application money of Rs.40 Crore represents application money and so it should be classified under 'current liabilities' in the balance sheet as per Schedule 3 of Companies Act 2013. Our company is a private company owned by the Government. It cannot invite share capital from the public. There is absolutely no liability to refund the share capital advance to the promoter viz. State Government and the issue of shares against sum of Rs.40 Crore received from the Government is held up due to procedural delay in raising authorised share capital from Rs.20 Crore to Rs.60 Crore. I would like to know whether the auditor’s view that advance share capital (shares pending issue) should be classified under current liabilities, is correct or not?