Share application money
This query is : Resolved
29 March 2014
A private limited company has taken share application money in december 2013 but have not yet allotted the shares. Now after section 42 of the CA 2013 coming into effect what could be the impact on the company regarding this share application money. Is the company mandatorily required to make allotment before 31.03.2014. But the Companies Act 1956 was silent on allotment time as per which this money was taken by the Company.
30 March 2014
given that section 42 becomes applicable from 1 April 2014, it should not have any problem as on 31 March 2014!
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