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Company Law

This query is : Resolved 
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(Querist)
04 April 2009 Sir ,

Can some advise in the following case


A Private Ltd company
Authorised capital 10 Lakhs

Paid up capital 8 Lakhs


Can the company receive share capital for More than Rs 2 lakhs ( difference between paid up and authorised capital )


Further can the share application money can be inculded while calculating networth of the company .


With regards

Sandeep

9868705794 ( M)
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
04 April 2009 The company can receive share application money for more than 2 lakhs but it can allot only upto rs.2 Lakhs. The balance which has not been alloted should be returned within 120days of receipt of share application money.

While calculating net worth of the company share application money should not be considered. Because you may or may not allot the same.
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