law
This query is : Resolved
16 October 2009
Is there any time limit for allotment of shares after applicaion money has been recieved in case of a pvt ltd company?
KARAN SHARMA
(Expert)
16 October 2009
When the MOA is signed Shares are deemed to be subscribed and allotted.It can be trated as paid-up only when the actual payment is made( no time limit prescribed).
There is no specific provision and time limit in the companies Act 1956 regarding allotment of issued shares capital by a private company, but when ever foreign exchange involved in share application money, as per RBI guidelines it should be alloted with in 6 months otherwise the Forex should be refunded to the applicant.
There is no specific provision and time limit in the companies Act 1956 regarding allotment of issued shares capital by a private company, but when ever foreign exchange involved in share application money, as per RBI guidelines it should be alloted with in 6 months otherwise the Forex should be refunded to the applicant.
CA. B.SRINIVASULU
(Expert)
18 October 2009
Either the shares should be alloted within 4months of receipt of shareapplication money or the same has to be refunded.
Rakesh Jain
(Expert)
23 October 2009
There is not any time limit for Pvt. Ltd. company to allot shares against the received application money.
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