Hi all,
Thr s privated limited company which tuk aloan from bank..at the time of taking the loan bank tuk a undertaking from the company stating that the company will increase its paid up capital position by 50lacs till the year ending 31st march,2011.the company dint increased as the stated.. n nw they want to increase it giving it back dated effect.
the prob is hw funds wud be infused?
I check out one jharkhand high court ruling which stated that any payment above rs.20000 shud be thru account payee chq..in case of share application money too..or else liable for penalty..
options available...1. cn it be done thru liquid cash keeping in mind IT ACT.
2. chq to be recd in march n realised in april?
3. thrs a directors loan standing in the books so convert that loan into shares (BT THEN ALSO THR S A SHORT FALL OF RS. 15LAC?
2. chq to be recd in march n realised in april?
3. thrs a directors loan standing in the books so convert that loan into shares (BT THEN ALSO THR S A SHORT FALL OF RS. 15LAC?
Kindly provide ur valuable coments.
CAclubindia
