issue of shares otherwise than in cash

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Minu Saraf (Querist)
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10 March 2010 My co. had issued shares against one property to a director and filed form 2. Now the co. wants to give back that property to the director against cash and show shares as issued in cash. What should be the treatment?

Rasesh

Rasesh (Expert)
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10 March 2010 Form No. 2 is to be filed for allotment of shares. Additionally Form No. 3 is to be filed when the consideration is not in cash.

Please confirm whether you have shown that consideration was not received in cash in the Form No. 2. If you have shown that the consideration was not received in cash, then it would be difficult to get the same rectified.

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