Section 42 under companies act, 2013
This query is : Resolved
22 December 2015
In respect to section 42 of the companies act, 2013,
1. Can an Allotment be made after completion of 60 days of receipt of Allotment money... Because the Act say only abt refunding it, and provisions if company wishes to Allotment after completion of 60days.. The directors were not available to make any signatures for making the Allotment and due to this 60 days have been passed..
22 December 2015
Sorry to say but your interpretation is incorrect. Section 42(6) clearly says that company shall allot securities within 60 days from the date of receiving money.
If company is unable to allot shares within such time, the company shall refund the amount. Now, if company is liable to refund the money, how can it allot shares after 60 days?
If company is unable to allot shares within such time, the company shall refund the amount. Now, if company is liable to refund the money, how can it allot shares after 60 days?
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
- Treatment of Pension ?annuity returns on PMVY
- TAN for Partnership
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- TDS related Query_Liquidated Damages
- What is provisional receipt number for generation of form 16A
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
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
