I need to know that what is the process if share application money is lying in the balance sheet for 3 years of a pvt. ltd co., subsidiary of Public ltd co. Is there any penalty ????
Similary share premium money can be utilised only in the area given in Section 78 of the companies act ??
Pls suggest.
since the pvt ltd co is subsidiary of public co, it will be treated as public company. as per the new notification dt 14-12-2011 the co will have to make to allotment or repay the application money immediately or pay interest @ 12% p.a.
@ section 78: u r right.
regds,
sangram
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