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Share application money - refunded in cash

This query is : Open 
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(Querist)
25 August 2014
Dear Sir/Madam,

We are dealing with a Private Limited Company, who have received Share application Money at the time of Incorporation from directors, who are also the shareholders of the Company.

Now the Company plans to Refund the Share Application Money. Can the Share Application money be refunded in Cash?
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CS Divesh Goyal

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CS Divesh Goyal (Expert)
25 August 2014 there is no issue in company law if ypu are refunding share application money in cash but issue can be raise under income.tax.act
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