share application money
This query is : Resolved
03 September 2009
share application money can be received in cash please answer th query
Ankur Garg
(Expert)
03 September 2009
Hi,
There are no specific provisions regarding share application money in law. So it is advisable to collect share application money through cheque only.
Regards
There are no specific provisions regarding share application money in law. So it is advisable to collect share application money through cheque only.
Regards
Ankur Garg
(Expert)
03 September 2009
After accepting the Share Application Money you may do one simple thing. You may record the above transaction i.e. receipt of share application money and assurance given to proposed allottee in the board meeting minutes.
In other words simple noting of such receipt in the board minutes would be enough. No need to take any kind of approval from any concerned authorities.
Regarding time limit to convert such share application money into capital the law is silent. However as per practice allot share with 6 months of the receipt of application money.
Best Regards
In other words simple noting of such receipt in the board minutes would be enough. No need to take any kind of approval from any concerned authorities.
Regarding time limit to convert such share application money into capital the law is silent. However as per practice allot share with 6 months of the receipt of application money.
Best Regards
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