The company has accpeted Rs.2 lacs from foreign promoter(body corporate) as subscription money at the time of its incorporation in 2003 and issued shares fro rs. 1 lac only and had utilised the remaining Rs. 1 lac for its own use in the operations of the company and shares for Rs. 1 lac to the promoter has not been alloted till today . Now the RBI is questioning why till today the shares for Rs.1 lac has not been alloted.
10 February 2011
If FIRC showed the purpose of inward remittance as "Share application money", then shares should have been alloted within 6 months of receipt of money or the balance money should have been refunded.
Check the purpose specified in FIRC. If it contains "business purpose", etc. you may have a escapte route.
CAclubindia
