Sir,
I was a Director in Private Ltd Company and paid an amount of 5 lakhs as share application money via account payee cheque in year 2005 . No other papers are available with me since i was the majority shareholder. The Managing Director by issuing shares to himself has taken control of the company and its assets and the case is now pending before CLB. Now when the case came before CLB, MD is claiming another payment of 7 lakhs came from another company (owned by wife of MD) as share application money of his.
My queries are this can another person or entities payment be claimed as ones share application money. Is there legal provisions in Company Law regarding the same.
CAclubindia
