Share application money

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2012 Dear Members,

A Company received Foreign inward remittance of Rs. 25 lacs in August and Rs. 1 Lacs in September. Can the September amount be taken as subscription amount and August one as further allotment one.

Thanks

Ajay Mishra

Ajay Mishra (Expert)
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26 October 2012 Hi

Yes, you can received share application money in trench. As and when you received the money you will intimate RBI accordingly.

Ajay Mishra

Ajay Mishra (Expert)
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26 October 2012 Hi

Go to the following link, it may help you on Foreign Direct Investment.....

https://www.caclubindia.com/articles/details.asp?mod_id=13412#.UIoy6rJlS8o

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2012 Sir,

Thanks for your reply. But my question is as follows.

Suppose a Company is incorporated on 10-Oct-2012. It received 10 lacs on 20 oct and 1 lac on 25 october.

Now, whether we can show 1 lac as subscription amount and 25 lacs for further allotment of shares.

Thanks

Ajay Mishra

Ajay Mishra (Expert)
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26 October 2012 Hi

Your company is incorporated on 10.10.2012

You received share application money as FDI ;

You have 2 options:

Firstly you allot partly paid shares and after all money received you treat such balance amount as call money.

Secondly you can allot 26 lac at a time after receiving total amount.

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