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
- Tax on Deemed Capital Gain
- TDS on property - Form 141 query
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Loss of interest in PF transfer from EPFO to Trust
- IT returns for fresh job holders
- Traces submitting correction statement error
- Gst on travel by air for business purposes
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
