Share Application Money

This query is : Resolved

Mathew George ACMA (Querist)
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13 December 2010 Hello

Can some body could tell me
"what ll happen if a private company having a share application money of more than the share capital and is not allotted for the last few years."

Please let me have it at the earliest

Jayashree S Iyer

Jayashree S Iyer (Expert)
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13 December 2010 If shares are not alloted, the application money should be refunded within a reasonable time. The "reasonable time" will ba decided on case to case basis.

It may amount to deposit under Section 58A and you may attract penalty for non-compliance under section 58A(10).

Other experts, please confirm if I am right?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 December 2010 Will not attract 58A ,being a pvt ltd company,if money is received from members,directors or their relatives.

udit sharma

udit sharma (Expert)
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13 December 2010 Hi..

Undoubtedly agreed with Warrier Sir...if the money is received from the members, Directors or their relatives provisions of section 58A will not be attracted...

God Bless

Udit Sharma

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