Share application money pending allotment
This query is : Resolved
11 November 2013
Whether there is any specified period for allotment of shares in case company has share application money pending allotment?
And what if, it is not alloted within the specified period, what are the furthur provisions?
Pl. help in the matter.
Thanx
And what if, it is not alloted within the specified period, what are the furthur provisions?
Pl. help in the matter.
Thanx
12 November 2013
There is no limit. However, under revised schedule VI, you need to disclose, the terms and conditions including the number of shares proposed to be issued, the amount of premium, if any, and the period before which shares shall be allotted have to be disclosed. It has also to be disclosed whether the company has sufficient authorised capital to cover the share capital amount resulting from allotment of shares against share application money.
Further, the period for which the share application money has been pending beyond the stipulated period for allotment along with the reasons for delay should be disclosed.
If the share application money is received from abroad, the allotment has to be done within 6 months.
Further, the period for which the share application money has been pending beyond the stipulated period for allotment along with the reasons for delay should be disclosed.
If the share application money is received from abroad, the allotment has to be done within 6 months.
13 November 2013
you are welcome
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