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Share application money remaining unadjusted more than 6 yea

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M.THANGARAJU

CHARTERED ACCOUNTANT

21 Points Posted on 24 February 2014

I want to know whether i should up load particulars in MCA portals with respect to

SHAREAPPLICATION MONEYRECEIVED REMAING UNADJUSTED in Balancesheet

for more than SIX YEARS

IN A PRIVATE LTD COMPANY having paid up share capital of Rs 1000000 (Tenlacs)

IN TERMS of sec 205c of the Companies Act.

I understand that there is no time limit for Pvt coy with respect to utilisation of shareapplication money received.

However MCA have sent mail instructing us to upload in terms of INVESTOR EDUCATION PROTECTION FUND RULES2012.

PLEASE ADVISE. MATTER MOST URGENT

Regards

M.Thangaraju-mthangaraju @ yahoomail.com

Replies (1)

P C Agrawal

Registered independent director Past Ch

5233 Points Posted on 27 February 2014

Offer for allotment of shares must be a.ccepted by Board within reasonable period by passing resolution for allotment. Six months period is very unreasonable and MCA is right in sending such mail. You can immediately allot shares, file Form 2 and reply to MCA accordingly. Else you will have to file Form 5INV.