Dear Sir,

Please help me with the following: Our Company, a Private limited Company has Share application money pending before the Commencement of the Companies Act, 2013.
According to Section-42 of the Companies Act, 2013 Company is required to allot shares within 60 Days from the date of receipt of Share Application Money. If the Company is unable to allot the shares with in time it shall repay the application money within 15 Days.

Now our query is:

1) Whether Section 42 is applicable on the Share Application Money received by our Company before the Commencement of the Companies Act, 2013? If it is so, then from when the 60 Days criteria shall be taken into Consideration (From the Commencement of the Act, i.e. 01.04.2014 or any other date)??

Now, According to Section- 73-76(Chapter V) of the Companies Act, 2013 and as per the Rules notified by the MCA under this Chapter, if the Company fails to allot shares and also fails to refund the share application money with in time prescribed then such money shall be treated as deposits

Now our Second query is:

1)If Section 42 is applicable and Company fails to allot the shares or refund the money, whether such share application money due for allotment shall be treated as Deposits? If Yes, from which date it shall be treated as Deposits?

2)Financially, If the Company is not in a position to refund the same even till the end of the Financial year and want to retain the same for a longer period then what step should be taken into consideration to retain the same?


Thanks in advance.

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If Yes how?
is there any case laws related to this ??
Kindly give reply as early as possible

Hi,

One of the party not submitted in c form.

kindly provide the cto process.

Do the needful.

Suppose A is holding shares in his/her single name. Thereafter the shares are transferred in the joint names of A & B with A being the first holder. This would amount to transfer under the Income Tax Act. Would capital gains arise in such a case as no consideration is flowing, the transaction is not routed through recognised stock exchange.Besides the first holder remains the same in both the cases
Can any one enlighten on this issue?
Thanks in advance

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