prakash (Company Secretary) (1352 Points)
01 May 2014Dear 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.
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 01 May 2014
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.
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