Issue of share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 March 2012 Sir/maam

one of my client want to issue the share capital of a private limited company @ the high premium of Rs-1500 per share.
All the application money has been received in cash from the existing share holders only.
shall i allow him to do so..
what are formalities to be completed with MCA for issue of such share capital.?

in how much time the share application money of the pvt ltd company to be refunded back or issued share? what are the complications for the same?

Ajay Mishra

Ajay Mishra (Expert)
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13 March 2012 Hi

The Companies Act, 1956 is silent about holding of share application money in a company. But in case of share application money received from NRI then it will ne mandatory to allot him within 180 days from such receiving.

You call a Board Meeting and allot the same. File Form-2 within 30days to ROC from allotment.

Regards

Jiten Gupta

Jiten Gupta (Expert)
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14 March 2012 Without receiving Share Application money, a company can not show in Board Meeting and Form 2 that Share Application money has been received!!

If it is shown by the company then it will be non compliance of Proviso of Section 75 (1a).

E-Form 2 shall be filed within 30 days of Board Meeting approving such allotment, along with resolution and List of Allottees!!

Ajay Mishra

Ajay Mishra (Expert)
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14 March 2012 Hi

Agree with expert.....but in query he has received the same.

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