Dear Experts,

Please suggest whether a pvt. ltd. company cn use Share application money for day to day office expenses before any allottment made??

Is there ny restrictions to do so by Pvt Ltd. Company, Detais are given hereunder for your reference:-

Co Incorp Date:- June-10 2013
Auth Capital-50 Crore
Issued Capital-200000
Application Money recd-5 Crores
Salries & Other expenses - 2.45 Crores.

Please advise experts opinion...

Thanks
Abhishek Bansal

The Company have received capital contribution from one of its share holders on 30 april,2013 now the Company wants to issue shares as per Section 81 of Companies Act, 1956. The Company is an unlisted Company, the Unlisted Public Company (preferential) allotment (amendment) Rules 2011 is applicable. but any allotment of securities shall be completed within the period of 60 (sixty) days from the date of receipt of application money and in case the Company is not able to allot the securities within the said period of sixty days, it shall repay the application money within the period of fifteen days thereafter, failing which it will be required t be repaid with interest at the rate of 12% per annum. Considering the said provision, the Company does not want to repay the amount and want to issue shares on the said contribution.Please give your advice whether it is possible to issue share for the contribution received in April 2013 under the provision of the Companies Act, 1956? If yes then please elaborate the procedure for allotment of shares.

can anyone guide me on this :

1. the funds had been flown from XYZ Pvt Ltd to ABC Energy Private Limited on 31-08-2012.

2. the said funds were floated against issue of CCPS shares at a premium of Rs. 55/- apart from face value Rs. 100/-

3. the AGM for 31-03-2012 balance sheet was held on 29-09-2012 and the Annual Return in Schedule V was made with ROC until 29-9-12

4. we could not have conducted any Board Meeting or Extra Ordinary General Meeting or could not have noted any allottment or change in denomination of preference shares from Rs. 10/- to Rs. 100/-. since the then existing preference shares were mentioned in Annual Return until 29-09-2012 (the AGM date) was Rs. 10/- face value.

5. we can conduct the EGM only on or after 29-09-2012 or even on 30-09-2012 and file Form # 5 and 23 on a current date

6. the allotment of CCPS shares with premium can also be done on 30-09-2012 by planning the dates properly

7. the technical question arises here; that funds are received on 31-08-2012 in anticipation of CCPS : the only problem here is how to securatize such funds received in ABC Pvt Ltd in the books of ABC and XYZ.

8. Technically, we dont have any other option but to file the reclassification of preference shares on 30-09-2012 and also allot new CCPS shares on 30-09-2012. accordingly, we will proceed to file Form # 5, 23 and 2 in due course of time.

1. In ABC Pvt. Ltd., if a person, who is son of Managing Director is to be appointed as Executive Director on following different situations :
1. on remuneration not exceeding 50,000
2. on remnueration exceeding 50,000.

What will be the procedure for the above situations?

2. If that son is already appointed as Director but now to be designated as Executive Director with remuneration of Rs. 1,00,000. What will be its procedure?
Thanks.

Dear sir/Mam,
Please give your opinion for the following matter,

i) Can a director sell company's property to his wife or relatives?

ii) If yes, what are the formalities and how value is to be fixed?

iii) If these formalities are not complied with, what is the consequence?

Kindly, help us with your advice and send the bill for professional services.

Thank you.

Yours faithfully,

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when after filling all the details and after uploading digital signature....

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For the purpose of calculating limit under section 293(1)(d), should the balance under profit and loss account be taken along with general reserve in finding the free reserves of the company?