Share allotment - timeline
This query is : Open
23 August 2011
Under what period of time shares needs to be allotted after receiving full call money from shareholder?
Please refer to relevant provisions also.
Please refer to relevant provisions also.
23 August 2011
As is evident that the Company has accepted the Share Application Money you may do one simple thing. You may record the above transaction i.e. receipt of share application money and assurance given to proposed allottee in the board meeting minutes.
Regarding time limit to convert such share application money into capital the law is silent. However as per practice allot share with 6 months of the receipt of application money.
Regarding time limit to convert such share application money into capital the law is silent. However as per practice allot share with 6 months of the receipt of application money.
23 August 2011
Thanx.
But Im looking for a specific provisions which provides that shares should be issued within some timelimit.
But Im looking for a specific provisions which provides that shares should be issued within some timelimit.
23 August 2011
There is no specific provision as such in the companies act for such allotment.
07 November 2012
Is there any time limit now under the recently amended Companies Act,2011 for allotment of share against Share Application Money?
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