Share application money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 September 2010
Hi
Respected Members
can any one tell me?
I am doing Tax audit of PVt. LTd.
1. In this case share application money received by company but share not alloted by company so what to do in this case is there any disclosure requirements?
2. What is the time limit for allotment of shares in case of PVt. Ltd. as well as Public limited company?
3. and what's the penalty aur interest if leviable?
Thanks
in advane
Respected Members
can any one tell me?
I am doing Tax audit of PVt. LTd.
1. In this case share application money received by company but share not alloted by company so what to do in this case is there any disclosure requirements?
2. What is the time limit for allotment of shares in case of PVt. Ltd. as well as Public limited company?
3. and what's the penalty aur interest if leviable?
Thanks
in advane
12 September 2010
1. If the application money is received under foreign direct investment scheme as per FEMA,non compliance ,if any, as per the said act may be reported. Otherwise no disclosure other than schedule V1 requirements is required.
2. Act is silent on this issue. Unlisted company's has to follow the provisions of their AOA. Listed companies,in addition to the above, has to necessarily follow conditions in listing agreement and SEBI Guidelines.
2. Act is silent on this issue. Unlisted company's has to follow the provisions of their AOA. Listed companies,in addition to the above, has to necessarily follow conditions in listing agreement and SEBI Guidelines.
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