Can private limited company be formed without share capital? It has only share application money at end of the year.

My client (pvt co) has taken deposits from employees deposits.
1) In case accident occours in a company 2) company can take OD against that deposits & can satistfy the claim
3) Thus any interest recieved will be paid to employees only
4) Company will bear the OD interest

Question is,
Whether my client is covered under sec 58A
If Yes or No pls provide relevant para for my reference to principal.

can a government employee become share holder in a non listed company.

Sir, what is the provision if the auditor has'nt fied form 23B at all or filed delayed ?
eg : last AGM on 30/09/07 relating to F.Y 06-07. Auditor appointed and Form23B filed on 30/10/07.
Next AGM on 30/09/08 relating to F.Y 07-08. Auditor appointed but Form 23B not filed.(& no SRN generated)
Consequently, Annual returns and accounts for F.Y 08-09 could'nt be filed.
Can the auditor file Form 23B today and the company use the same to file it's Annual Accounts and Return for F.Y 08-09 ?

Is there any kind of penalty that gets attracted by this ? If so, what is the solution to this ?
Please help.
Thanks.

Does it attract s.628 if EPS is omitted from the Annual Report of a Listed Company? willful or not, s.628 is not compoundable under 621A. However is there any remedy to it?

My co. had issued shares against one property to a director and filed form 2. Now the co. wants to give back that property to the director against cash and show shares as issued in cash. What should be the treatment?

can anyone give me draft board and special resolution for appointment of whole time director in a public company without the approval of central government

Which are those offenses which involves moral turpitude as per Companies Act?

Dear sirs,
We registerd a publc limited company in 1997 with an authorised capital of 50 lakh. Due to some reasons we cannot continue with that company and it has been left in-operate without winding up legally.

Now we have received one prosecution notice from ROC for not submitting returns for last years and I'm afraid the huge amount of fine mentioned in the letter (upto Rs. 500 per each day of default).

We don't have any share holders other than 5 directors who all are my friends and relatives.

Kindly advise me how can I close this issue, shall i go for Winding up or do some other thinks to resolve this issue easily,
Pls help

Qualification required for appointment of director or managing director