One of our newly incorporated Company received money for further allotment of shares along with initial subscripttion money. can company do so?
Please advice its urgent.
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Allotment of shares
Replies (1)
Application money cannot be received unless Board passes resolution for issue of shares and letter of offer is issued. This is applicable in both the cases - rights issue u/s 62(1)(a) and private placement or preferential allotment u/s 62(1)(c) read with Sec.42.
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