Share application money in cash

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cs
234 Points Posted on 09 February 2014

Can share application money be paid in cash under Companies Act 1956/2013??

 

Thanks in advance.

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On 09 February 2014 at 20:25 Report
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Registered independent director Past Ch
8229 Points Posted on 11 February 2014

 

Rule 8(3) of Unlisted Public Companies (Preferential  Allotment) Rules 2003 prohibits this.

 

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On 11 February 2014 at 14:28
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cs
234 Points Posted on 11 February 2014

Im sorry I should have mentioned this in the question.Will it be allowed in a private company?

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On 11 February 2014 at 23:31
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Registered independent director Past Ch
8229 Points Posted on 12 February 2014

As of now, there is no restriction as such for private company.  Section 42(5) of Companies Act 2013 prohibits share application money in cash.  However, this Section has not yet come into force.

 

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On 12 February 2014 at 10:19

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