Private placement

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This query is : Resolved

Revati Sathe (Querist)

08 March 2018 can any one explain me for private placement no. of forms required to be filed with ROC and attachments for the same.
(For Private Company and private placement is only to one person)

CS Mitesh Mehta

CS Mitesh Mehta (Expert)

08 March 2018 You have to file form GNL2 with attachment of Private Placement offer letter (i.e PAS4 ) and Record of Private
Placement Offer (i.e PAS 5)

On allotment you have to file PAS3 with attachment as 1. Board Resolution of Allotment 2. List of Allotees 3. PAS -5

Revati Sathe

Revati Sathe (Querist)

08 March 2018 one more query , Company has allotted shares to only one person , hence not open a separate Bank account , please know me consequences . All other provisions are complied with. Whether I need to mention the fact in PAS 4 or PAS 5 that a separate Bank account has not open.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)

08 March 2018 No need to mention in PAS 4 & PAS 5

Revati Sathe

Revati Sathe (Querist)

08 March 2018 Thank you very much, but what will be consequences for not opening of separate Bank Account.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)

08 March 2018 an offer or accepts monies in contravention with the provisions of Section 42, its promoters & directors shall be liable for a penalty which may extend to :
a) The amount involved in the offer or invitation; or
(b) Rupees 2 Crores, whichever is higher
And
The Company shall also refund all monies to subscribers within 30 days of the order imposing the penalty.

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