In case of closely held Pvt.Ltd Co. taken Share Application Money from Directors & their Relatives in the Month of April/May,2013 can be retained in this account till Sept,2013 & then further issue of Capital at face value plus Premium in Oct,2013 by way of filing Form 2 to ROC.
Now query is whether any contravention as per the New Companies Act,2013 or not
It seems allotment was made after 6 months of getting application money. There is no contravention on this account.
Arvindkumar Maniar & Co.
Rajkot
CA
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A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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