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Section 372

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(Querist)
23 March 2010 M/s. ABC in a private limited company. Its promoters infused equity capital of Rs. 18.00 lacs. It received subscription from M/s. XYZ LTD Company Rs. 30.00 lacs. Further the subscription is in process and more funds are expected by the end f April 2010. However as on 31st March 2010 total subscription received towards the equity shares is Rs. 48.00 as above. Shares are yet to be allotted. This money will stand as application money pending allotment in the balance sheet. Is there any violation in respect of section 372 of the companies Act?
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Rasesh

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Rasesh (Expert)
23 March 2010 Sec 372 is repealed and hence not in force any more.

Sec 372A would not be applicable to a private limited company.
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Ankur Garg

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Ankur Garg (Expert)
23 March 2010 Agree with expert as Sec 372 is not in force any more.

Further section 372A is also not applicable in your case.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
23 March 2010 agree with expert
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
23 March 2010 Agree with Experts.
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