Dear All,
Private limited company received FDI for allotment shares on 1st Janury, 2014, as per FEMA Regulation, we have time to allot shares upto 30th june, 2014 but as per Companies Act,2013 even private limited companies has to allot shares within 60 days of receipt of share application money, under this circumstances, do our company voileting provision of Companies Act,2013.
For share application money already received we can take a view that the time limit of 60 days will apply from the date of comming into effect of the Act, i.e. 1.4.2014. You should therefore in any case make allotment by 31.5.2014.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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CAclubindia
