banner_ad

Irregular Allotment

Others 1465 views 2 replies

 Dear Sir/Madam,

I have a query.

Suppose if a Company has allotted shares to NRI against foreign remittance on 1st Jan 2008. FC GPR was filed with RBI and Form 2 with RoC.

Later if it is discovered that that allotment was made at a price of Rs. 10/- whereas the NAV of the shares of the Company as per CA Certificate (CCI Guidelines) was Rs. 35/-Now, Can I cancel that Allotment in a Fresh Board Meeting? Will that amount to reduction of Capital? How would that be given effect in the Audited Accounts already prepared and the one to be prepared in future? Is there any way out? 

Replies (2)

Hi

If shares are issued in a manner prohibited by foreign exchange regulations, the issue would be invalid and void and confer on the allottee no title whatsoever to the shares.

 

Originally posted by :CS HARDIK
" Cant w ractify it legally? "


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details