Qualification Shares ..Query?
This query is : Resolved
Guest
Guest
(Querist)
09 May 2010
1)The Nominal Amount of Qualification shares shall not exceed rs 5000.
2)Where nominal amt of one share exceeds rs 5000,Share qualification shall be holding of one share only.
If a director is newly appointed & market value of the shares wen he buys , Qualification shares is rs 1000 per share and face value is rs 10.Which should we consider here for nominal amt rs 10 or rs 1000.ie he has to buy maximum of 5 shares of 1000 each or 500 shares of 10 each.?
My query is regarding "nominal amt".Does it consider nominal value of shares or market value?
Thanx in advance.
2)Where nominal amt of one share exceeds rs 5000,Share qualification shall be holding of one share only.
If a director is newly appointed & market value of the shares wen he buys , Qualification shares is rs 1000 per share and face value is rs 10.Which should we consider here for nominal amt rs 10 or rs 1000.ie he has to buy maximum of 5 shares of 1000 each or 500 shares of 10 each.?
My query is regarding "nominal amt".Does it consider nominal value of shares or market value?
Thanx in advance.
09 May 2010
Section 270 says nominal value and not nominal amount. Nominal value is face value. Qualification shares has to be acquired based on the nominal value(face value) and not on the basis of market value.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- NRI starting business in India
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Eway bill not cancelled within 24 hous what can be due
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
