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Issue of shares before receiving share application money

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(Querist)
22 July 2014 Hello, i want to know whether a public limited company (not listed) can issue a shares before share application money is received? and if yes then under what circumstances it is possible and which act or law complies with it? whether it is legal or illegal to do so?

In the above case the company had issued an 4% non cumulative non convertible redemeebale preference shares? Please let me
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
16 September 2014 No. Company can't issue shares without receiving share application money
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