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Issue of shares

This query is : Resolved 
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(Querist)
07 June 2013 Dear all

One of a public Company has allotted 40,000 equity shares of Rs. 10/- each at par without receiving even application money from the party. The company disclosed the same as calls in arrear (Rs. 4,00,000/- total share value) in the financial statements.

This is a violation under which section. Pls clarify

Regards
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Ajay Mishra

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Ajay Mishra (Expert)
14 June 2013 Hi

You can not allot shares unless you receive minimum subscription amount. The whole amount will not be considered as calls in arrear.

Please check, what your company's articles says on it.
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smitha varma

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smitha varma (Querist)
22 September 2014 ok Sir. If you have done issue of shares under private placement . Can you please forward the whole documentation,. This only for vetting.
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