Notification on share application money
This query is : Resolved
30 January 2012
(a) A company has received share application money from Indian Company and foreign company.
(b) Share application received from Indian Company (associate companies) pending for allotment for more than one year.
(c) Share application received from foreign Company on November 2011.
(d) I would like to know the impact of the recent notification from MCA about allotment of share application money and other related legal issue related with regard to other statues.
Pls Advice
(b) Share application received from Indian Company (associate companies) pending for allotment for more than one year.
(c) Share application received from foreign Company on November 2011.
(d) I would like to know the impact of the recent notification from MCA about allotment of share application money and other related legal issue related with regard to other statues.
Pls Advice
CA. Anuj Gupta
(Expert)
31 January 2012
Foreign Share Application Money needs to be informed to AD within 30days of receipt of money with KYC and other form.
Also the said share application money has to be either returned or allotted shares within 180 days of receipt of same in India.
Anuj
Also the said share application money has to be either returned or allotted shares within 180 days of receipt of same in India.
Anuj
01 February 2012
Thanks Mr.Anuj. The notification is dated 14.12.2011. Should I consider allotment within 60 days from the date of notification 14.12.2011. In that case should I do the allotment on or before 13.02.2012 or return the money on or before 28.02.2012? Pls advice
Thanks Mr.Anuj. The notification is dated 14.12.2011. Should I consider allotment within 60 days from the date of notification 14.12.2011. In that case should I do the allotment on or before 13.02.2012 or return the money on or before 28.02.2012? Pls advice
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