can any one provide the solutions to the cc papers of cs executive programme and my attempt is dec 2009 .if any one has the solutions please mail me at sriram_8.30@rediffmail.com
A public limited company can receive share application money from directors without statement in lieu of prospectus.
When the Company has accepted the Share Application Money you should do one simple thing. You may record the above transaction i.e. receipt of share application money and assurance given to proposed allottee in the board meeting minutes.
In other words simple noting of such receipt in the board minutes would be enough.
Regarding time limit to convert such share application money into capital the law is silent. However as per practice allot share with 6 months of the receipt of application money.
12 August 2009
Further collect the share application form from the proposed allottee for your record. You may download the sample share application from the link mentioned below:
CAclubindia
