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Share application money-pending for allotment before 01-04-2015
What are the provisions applicable to the share application money received by private companies but not allotted, as per new companies act, 2013. What is the time limit for allotment of shares or refund? What are the penal & interest provisions? Kindly quote the respective section numbers or rules.
Thanks in advance.
Replies (4)
The allotment shall be made within 60 days from the date of receipt of the application money and if company fails to allot the shares within that period it shall repay the application money within 15 days from the date of completion of 60 days and if company fails to repay the application money within the aforesaid period it shall be liable to repay tha money with interest at the rate of 12% per annum from the expiry of the sixtieth day.
Futher file PAS-3 to roc within 30 days
penalty : 1000 per day or rs. 100000 lac wchever is lesser
Thanks for your reply.
Will this provisions are applicable to public companies only or to private companies also?
Kindly quote the relevant section numbers
SECTION 42 AND 62
APPLICABLE ON ALL COMPANIES
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