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Companies act

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(Querist)
16 August 2016 What is maximum time limit for holding Share application money pending for allotment for private companies as per companies act,2013 in Schedule III Balance sheet?
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CA SUNIL K GARG

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CA SUNIL K GARG (Expert)
16 August 2016 As per section 42((6) of the companies act,2013, a company shall allot shares to the shareholders within 60 days from the receipt of share application money.Otherwise it should be refunded back to the applicants within next 15 days.Otherwise, it should be repaid with the interest rate of 12% p.a. as penalty.

The amount so collected should be kept in a separate bank account in a scheduled bank and shall not be utilised for any purpose other than—

(a) for adjustment against allotment of securities; or

(b) for the repayment of monies where the company is unable to allot securities.”
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R. Deepa

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R. Deepa (Querist)
17 August 2016 Sir, Thanks for clear explain.
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