Share application money
This query is : Resolved
26 September 2016
If a private company receives Share Application money and has neither allotted shares nor refunded back the Application Money for a period of 3 years.
1)Does it have to bear any penalties under CA Act 1956 or CA Act 2013?
2) Can it proceed with allotment of shares now by any method i.e. Private placement or Preferential Allotment or would it have return the money back with Interest?
1)Does it have to bear any penalties under CA Act 1956 or CA Act 2013?
2) Can it proceed with allotment of shares now by any method i.e. Private placement or Preferential Allotment or would it have return the money back with Interest?
26 September 2016
what do you mean by CA act? Can you please tell........
26 September 2016
I was referring to the Companies Act 1956 and Companies Act 2013
26 September 2016
CA Act = Companies Act.... I really thank you for the great addition you made in my knowledge. Thank you.
Companies Act 1956 was bit liberal in this regard....but for Companies Act 2013, please follow the link below
https://www.caclubindia.com/forum/share-application-money-pending-for-allotment-before-01-04-2015-353210.asp
Companies Act 1956 was bit liberal in this regard....but for Companies Act 2013, please follow the link below
https://www.caclubindia.com/forum/share-application-money-pending-for-allotment-before-01-04-2015-353210.asp
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27 September 2016
Thanks for sending the link Amol....I had a query on the answer provided in the link. It stated please fill PAS- 3 with ROC within 30 days but if we return back the Share Application Money, is it necessary to fill PAS-3
27 September 2016
PAS 3 is for allotment of shares.
If you return the application money, then PAS 3 is not necessary
If you return the application money, then PAS 3 is not necessary
27 September 2016
Thank you so much...This was really helpful
27 September 2016
you are most welcome.
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