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Utilisation of application money
A ltd. receive application money on 1st jan 2019 and utilises same immediately for business purpose .Is it permissible under companies act, 2013.
Replies (3)
Not permissible
Once the company done all the compliance at the beginning like issuance of share certificate filing of relevant resolution.
Conclusion company can utilise the money.
This is based on my understanding.
Allotment to be done within 60 days from date of receipt of application money and after filing PAS-03 within 15 days, company can utliIse it.
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