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Share Application money

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(Querist)
02 July 2009 Dear Sirs,

A Company's issued capital is equal to its authorized capital.

Whether a company can accept further any share application money in this situation. (the company has not issued any shares but only accepted the share application money)

if yes, to what extant.

if no why?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
02 July 2009 No you cannot accept. First you should increase the authorised capital and then only you can collect additional share application money.
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
02 July 2009 AGREE WITH THE EXPERT
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
03 July 2009 Share Application money is not paid-up capital.
So, you can definitely accept Share Application Money but you cannot allot shares.

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