section no:
This query is : Resolved
Premnath. M
(Querist)
23 November 2008
can anyone quote the section which deals with time limit for issue of share after receiving money towards share capital.
Ravikumar.G
(Expert)
24 November 2008
Neither the FEMA, nor company law prescribe a specific time-limit for issue of shares after receiving the share application money. If shares are not proposed to be issued within 30 days of receipt of funds, then a letter can be issued to RBI to this effect(for FIRC). The Form FC-GPR can be filed after actual share issuance
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