Allotment of shares

Hi Raja, To answer your first question, After the commencement of CA 2013, section 42 states that any share application money received should be utilised (i.e. shares to be alloted) within 60 days of receipt.....if not then it should be refunded within 15 days......if not refunded within that period, then interest to be paid... SEcondly the deposits rules further state that such money will be treated as deposits if not refunded within the time period.....Then you ll have to comply with another set of procedures..... So share application money standing in accounts as on 1/4/14 should have been allotted within end of May 14 or refunded within 15 days...

thanks vandana for your reply,

But can any one provide be the detailed procedure for allotment of shares in a private limited company as per companies act, 2013?