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Re-Instatement of Share Application Money

This query is : Resolved 
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(Querist)
16 July 2011 Dear All,

Can you please give your suggestion in following above case:-

One of my client has received a machinery of value euro 5 lac in the year of 2010-11 and currently it is willing to issue share capital in lieu of consideration and got an approval from FIPB regarding the liability.

My query is, whether we need to re-instate this outstanding liability which is standing in the head of share application money or not as per obligation of AS 11 issued by "ICAI".

Regards,

Mohit Bansal
Audit Executive
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CS Bijoy

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CS Bijoy (Expert)
18 July 2011 As per the companies Act 1956 share can be issued to the supplier and in such case the allotment will be considered as in consideration otherwise than for cash or on behalf of any contract and form 3 is required to file with form 2.
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