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Board resolution /applicaion money /share allotment

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03 June 2013 issue-Can a board pass a resolution with respect to allotment of shares before share application money is received from a foreign entity.(in the present situation it is decided between the parties that application money will be submitted some time after the resolution for allotment is passed )
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shiven

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shiven (Querist)
03 June 2013 urgent would appreciate a reply in the next few hours .
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