Allotment of shares without receiving consideration

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Querist : Anonymous

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Querist : Anonymous (Querist)
11 February 2013 A Ltd Company allotted shares to the Bank, and the Bank issued a two cheques for the payment of the consideration amount for such shares issued by the Company.

The Company however, en-cashed one cheque and allotted shares to the Bank, but did not en-cash the other cheque.

Please guide is such allotment of shares made by the Company VALID..??
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
11 February 2013 Allotment is valid. the money not received can be transferred to allotment/ calls - in - arrears.
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