Application and allotment of shares

This query is : Resolved

C.S. CHANDANI SARUPARIA (Querist)
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05 October 2010 What are the provisions in respect of Application and allotment of shares in a limited co (not a listed co).

Aditya Maheshwari

Aditya Maheshwari (Expert)
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05 October 2010 When u receipt share application money simple noting of such receipt in the board minutes would be enough. No need to take any kind of approval from any concerned authorities.

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

Message likes : 1 times

Ankur Garg

Ankur Garg (Expert)
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05 October 2010 Return of allotment is required to be submitted u/s 75 by filing form-2 with concerned Registrar of Company.

Procedure

1. First convene board Meeting for allotment of equity shares and pass necessary resolution for allotment.

2. Download form-2 from MCA Site www.mca.gov.in

3. Fill form-2 and attach list of allottee.

4. Get form-2 certified from practicing CS/CA and upload the same on MCA Site.

Regards

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