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Application money

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 December 2011 can you tell me a procedure as per companies act 1956 if balance in share application money remains open for more than 8years.
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RG - A Helping Hand

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RG - A Helping Hand (Expert)
11 December 2011 company law is silent about treatment of app money.
Ideally it should be refunded or allotment should be done against this money.

After allotment file form 2 with roc.
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Querist : Anonymous

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Querist : Anonymous (Querist)
13 December 2011 as per sec 205C of companies act it should be transfer to Investor education and protection fund after 7years.
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