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share application

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(Querist)
20 March 2008 I'm doing PCC. can u explain me how many days a company can keep it share application money before allotment and under which section?...
Thank u...
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KAAPIL

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KAAPIL (Expert)
20 March 2008 Share Application money can be kept upto 120 days.
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kartik_somu

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kartik_somu (Expert)
20 March 2008 The following provision of the Companies Act, 1956 provide that the Members or the Directors/officer(s) of a company will be personally liable if:

The application money of those applicants to whom no shares has been allotted is not repaid within 130 days of the date of issue of the prospectus, then the Directors shall be jointly and severally liable to repay that money with the prescribed interest
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Siva Kumar

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Siva Kumar (Querist)
21 March 2008 thanks..in this company stil they dint start a business, in this case there s no exemption to keep the application money til they allot shares to the appplicants?...
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