Share application money pending - adjustment
This query is : Resolved
Cs Vishal Goyal
(Querist)
13 June 2017
Hello Everyone
what adjustment of share application money pending for a private company which is shown on Balance sheet from 2012 till now and time to time increased.Can this company increased its paid up againsed share application money.
what adjustment of share application money pending for a private company which is shown on Balance sheet from 2012 till now and time to time increased.Can this company increased its paid up againsed share application money.
13 June 2017
The said amount has become a 'deposit' vide explanation (a) to rule 2(c)(vii) of Companies (Acceptance of Deposits) Rules,2014. Being a violation, can be punished as per rule 21 of the said rules.
If the amount still remains as 'share application money pending allotment' , after seven years the amount has to be transferred to Investor Education Protection Fund.
If the amount still remains as 'share application money pending allotment' , after seven years the amount has to be transferred to Investor Education Protection Fund.
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Cs Vishal Goyal
(Querist)
13 June 2017
.B. chackrapani sir, what is solution for this ?
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