Time for allotment of shares

If share application money is received from abroad we need to allot shares within  6 months from date of receipt of money. As far as i know there is no such time limit for share appplication money received from India. 

thanks for the prompt reply. application money is only from India.
is there any limit on use of the application amount in the business

Share application amount can be used only when shares are alloted and it becomes capital of the company.

Dear professional friedns please correct me if i am wrong.

There is no time limit for allotment of shares in a private company, certainly it should be done before the end of the financial year so that it would not stand in your Balance Sheet.

but can we utilise the amount of share application money in business

my ques.. wheather a pvt co.can become holding company of a public co.?

Yeah sure! A private company can become holding company of public company.

What is the reference for this reasonable time which i spointed out in COmpanies ACt........................??Can u tell me??