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Issue of share without receiving application money

This query is : Resolved 
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(Querist)
03 February 2016 All Respected Members,

What step should be taken if company has issued share without receiving application money or What is the Implication ?
Please share your valuable opinion.
Thanks in anticipation.
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CS Divesh Goyal

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CS Divesh Goyal (Expert)
04 February 2016 Mr. Sandip,

As per Act company can't issue share without receiving of money.
If you have issued this is default of Section 62 and issue of shares are invalid.

Company is defaulter of Section 62.
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CS Sandip Nagariya

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CS Sandip Nagariya (Querist)
05 February 2016 Thank you for your valuable opinion. How can Company can rectify this ? is there any procedure regarding this matter ?
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CS Divesh Goyal

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CS Divesh Goyal (Expert)
08 February 2016 drop me mail on csdiveshgoyal@gmail.com then will tell you the ways.
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