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share application money

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Querist : Anonymous

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Querist : Anonymous (Querist)
19 January 2011
Dear Sir
Is there any maximum period by which money received by the company as share application money should be allotted. ours is a private ltd company.
Rgds
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
19 January 2011 There is no time limit as such but allotment should ideally be made within a period of 6 months from receipt.
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Jayashree S Iyer

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Jayashree S Iyer (Expert)
20 January 2011 The Companies Act does not specify any time limit. However allotment must be made within a reasonable time, else it may invite audit objections to keep the Share Application Money under that head for a long time.
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