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Share application

This query is : Resolved 
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(Querist)
04 May 2015 Can a private limited company keep the share application money without alloting shares..........? if yes then for how many years and as per which section of the Companies act 2013?
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CS Adnan Shaikh

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CS Adnan Shaikh (Expert)
05 May 2015 It cannot keep..

As per Companies (Acceptance of Deposit) Rules, 2014, you have to allot shares within 60 days of receipt of share application money. If it is not allotted within 60 days, you have to refund it within 15 days after completion of 60 days. If the above is not complied, it will be treated as Deposit.
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