Time period

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Harishankar Thakur (Querist)
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09 December 2009 what is the time period for which a company, whether a private or public company can retain share application money????and in case of default what is the consequenses? please advise in breif..

Ankur Garg

Ankur Garg (Expert)
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09 December 2009 Hi,

Regarding time limit to convert such share application money into capital the law is silent. However as per practice allot share with 6 months of the receipt of application money.

Further collect the share application form from the proposed allottee for your record. You may download the sample share application from the link mentioned below:

https://www.caclubindia.com/share_files/files_display.asp?files_id=11908

Regards

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