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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2010 the company has received share application money from abroad but it has not alloted the shares to the applicants what is the concequance under sebi guidlines
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Ankur Garg

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Ankur Garg (Expert)
22 July 2010 SEBI has no role to play in this regards.

You have to follow RBI master circular in this regard. The same is covered under the reporting of FDI.

You have to allot shares against the foreign money received with in 6 months of receipt failing which the entire money is refundable.

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Rasesh

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Rasesh (Expert)
27 July 2010 Unless the money was taken for a preferential issue, wherein SEBI guidelines require allotment within stipulated time of members approval, there is no specific limitation by / for SEBI.
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