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Advance received against sale of shares

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 July 2013 There is a limited Co. which has taken Advance of Rs.22.09 Crores from its Group co. for sale of shares before 3years. But till now neither shares have been issued nor advance has been refunded. Is there any legal compliance regarding it.
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Kumar

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Kumar (Expert)
01 August 2013 No specific compliance

This shall be disclosed as SHare application pending allotment or Other current liabilities based on management estimate of issue or no issue in future

Also disclose the management estimate in the notes to accounts based on which classification has been decided as given above

Disclose the date of giving advance etc in the note, basically all facts

If the company does not have sufficient authorised capital, then it has to be shown as Other current liabilties

There is no time limit for issue
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