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Vinay Kumar S (Querist)
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26 February 2014 Sir,

We received a mail from MCA because of we are showing money received from related parties as “Share application money pending allotment” instead of Unsecured Loan. Now MCA asked to deposit such money to IEPF Fund under The Investor Education Protection Fund Rules, 2012. But that amount is belongs to the Directors of the company. And we don’t want to loose that money.
So kindly Suggest the remedies available under this situation

Regards
Vinay

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 February 2014 If the share application money is pending for more than seven years, no doubt the company will loose the money ,meaning thereby it has to be deposited to IEPF.

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Vinay Kumar S

Vinay Kumar S (Querist)
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26 February 2014 Sir,

from last 8 years we are showing some 11 lakh money as share application money pending for allotment but actually it is a unsecured loan taken by directors. because of some confusion we showed as a share application money pending for allotment.
but its really a hard core situation to deposit that much of huge amount to government. what is the circumstances if we didn't deposit and may i get any solutions to resolve this problem

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