Share application money
This query is : Resolved
CA VIKASH AGARWAL
(Querist)
06 September 2012
Company's Authorised capital is Rs. 20 Lakhs and Share Application money is Rs. 35 Lakhs it is possible according to laws of Statutory bodies.
Ajay Mishra
(Expert)
06 September 2012
Hi
As per my understanding application money is not permissible in excess of authorised capital.
As per my understanding application money is not permissible in excess of authorised capital.
CA Ayush Agarwal
(Expert)
06 September 2012
Yes, You Cant Take in Excess of Authorised Capital.
But No Where Specifically Mentioned for This in Companies Act, I Hav Seen in Many Companies, That Share Application Money Was Greater That Authorised.
But No Where Specifically Mentioned for This in Companies Act, I Hav Seen in Many Companies, That Share Application Money Was Greater That Authorised.
Ajay Mishra
(Expert)
06 September 2012
Hi
As per revised Schedule VI, the share application money pending allotment details should be given in Balance sheet. It has also to be disclosed that, whether the company has sufficient authorised share capital to cover the share capital amount resulting from allotment of shares out of such share application money.
As per revised Schedule VI, the share application money pending allotment details should be given in Balance sheet. It has also to be disclosed that, whether the company has sufficient authorised share capital to cover the share capital amount resulting from allotment of shares out of such share application money.
Guest
Guest
(Expert)
06 September 2012
There is no prohibition is SAP money is greater than authorised capital. It can be taken. However, it is not a good practice.
CA Ayush Agarwal
(Expert)
23 December 2013
in new companies act also, there is no as such provision which is marking this.
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