Allotment of shares

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2009 After receiving the share application money, what is the time limit for alloting the above shares? Is there any difference in provision if the company is Public or Private or deemed public company?

Ankur Garg

Ankur Garg (Expert)
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14 December 2009 Hi,

As is evident that the Company has accepted the Share Application Money you may do one simple thing. You may record the above transaction i.e. receipt of share application money and assurance given to proposed allottee in the board meeting minutes.

Regarding time limit to convert such share application money into capital the law is silent. However as per practice allot share with 6 months of the receipt of application money.

Further collect the share application form from the proposed allottee for your record. You may download the sample share application from the link mentioned below:

https://www.caclubindia.com/share_files/files_display.asp?files_id=11908

Regards

Querist : Anonymous

Querist : Anonymous (Querist)

14 December 2009 Sir,Thanks a lot...

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