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Issue regarding fcgpr


CS MOHIT SALUJA (PRACTICING CS Jalandhar 9914558709)     07 August 2013

CS MOHIT SALUJA
PRACTICING CS Jalandhar 9914558709 
 196 likes  4328 points

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Dear Sir/ Madam
                         Greetings of the Day.
 
Situation is: A company was incorporated on Feb. 2013. As section 113 states that Share Certificate must be issued within 3 months of the allotment of shares. And in case of newly incorporated companies, the date of allotment is deemed to be date of incorporation of the company. Hence, i think money should b received by company from subscribers within 3 months and shares must be issued within 3 months. But the NRI transferred the money from NRE Account to Companies account on Aug. 5, 2013 for which Advance Reporting has been filed on Aug. 5 by Bank to RBI. And Bank did not provide the FIRC to the Company/ NRI as they said that Money is in Indian Currency in NRE Account. So no FIRC can be issued by the Bank.
 
So my queries are:
1. Is it allowed under the companies act to call money of subscripttion even after the 3 months?
2. If yes, then how Share Certificates can be issued after 3 months as Section 113 says that certificates must be issued within 3 months of share allotment?
3. What are penal provisions if shares certificates have been allotted after 3 months i.e. in August 2013?
4. So while giving CS Certificate, the point no. 1 says that "Company Act requirements have been followed with". So how i can say that requirements have been followed, as certificates are being issued after the end of 3 months after the money is received by the company?
5. Point No. 3 is "the company is eligible to issue shares under these Regulations". What does "under these regulation" mean is?
 
Please Friends Reply if some one know the answer urgently.
 




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