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Share application money

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(Querist)
30 May 2017 Hi,
As per Companies Act, 2013, Whether share application money can exceed authorised share capital? If it exceeds the authorised share capital, what is the consequences and remedies available?
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c.bakshi

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c.bakshi (Expert)
31 May 2017 it is termed as deposit as per section 73 of Companies Act, 2013 which amounts to heavy penalties on company and directors. however, if the money received from the directors of the company then it is not covered under the definition of deposit and such money can be stand in the books as unsecured loan.
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