Hi
Can anybody pls update me on whether a Listed Public company which has loans from directors outstanding, convert such loans into share application money and till what time it can hold such application money.
Thanks..
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Query regarding share application money
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Under present Companies Act 1956 there is no time limit for issue of shares from share application money. But , I think, the Companies Bill 2012 contains a stipulation in this respect. In case monies are from non residents, then shares are to be issued within 6 months or to be refunded.
But, please take care, that share application money appearing in BS for too long a time might invite queries from different authorities like statutory/tax auditor, AO during assessment.
Regards,
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