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Share Application money

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(Querist)
09 January 2010 Can a Pvt. Ltd. Company accept and refund back share application money from a person who is neither a member , director nor a relative of a director?
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Ankur Garg

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Ankur Garg (Expert)
09 January 2010 In your case first let me tell you acceptance of this money after a long period may be treated as deposit by a pvt. co. which is violation of section 3(1)(iii) So refund it as soon as possible or allot equity from back date.
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