Share application money pending allotment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 May 2014
what we have to do for the opening balance in the share application money pending allotment A/C as per the companies act 2013.
06 May 2014
u dont have to do anything nless u have shares issued but not alloted.
06 May 2014
1. Allot shares or refund the money at the earliest.
2. If not done as above, it will be treated as 'deposit' and the provisions of Companies (Acceptance of Deposits) Rules,2014 has to be complied.
3. If Company is private limited, penalty will attract since it can't accept deposit other than from Directors w.e.f 1-4-2014.
4. If the share application amount is pending for more than 7 years , then the money has to be transferred to 'Investor Education Protection Fund' and once remitted money is not recoverable.
2. If not done as above, it will be treated as 'deposit' and the provisions of Companies (Acceptance of Deposits) Rules,2014 has to be complied.
3. If Company is private limited, penalty will attract since it can't accept deposit other than from Directors w.e.f 1-4-2014.
4. If the share application amount is pending for more than 7 years , then the money has to be transferred to 'Investor Education Protection Fund' and once remitted money is not recoverable.
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