Section 372
This query is : Resolved
manoj mahimkar
(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?
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Sec 372 is repealed and hence not in force any more.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.
Sec 372A would not be applicable to a private limited company.
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.
Further section 372A is also not applicable in your case.
CA Ashok Kumar Sahu
(Expert)
23 March 2010
agree with expert
CA Ravi Sisodia
(Expert)
23 March 2010
Agree with Experts.
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- TDS on Dashcam rent and allied services
- GSTR-9C filing
- Import Order Cancelled.
- Working on Gold wastage during Melting of old gold jewellery
- Gift to nri relatives residing in usa
- Intimation under section 245
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Royalty payments to the Mining Department for procurement of murum - GST input
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
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
