SHARE APPLICATION MONEY
This query is : Resolved
11 February 2011
A UNLISTED PUBLIC LIMITED COMPANY HAS RECIEVED HUGE SUM OF MONEY FROM ITS EXISTING SHARE HOLDERS AND SUM NEW PARTIES...THE COMPANY HAS PAID INTEREST ON SHARE APPLICATION MONEY @ AN AVERAGE RATE OF 11.75%.. HOWEVER THERE IS NO CLAUSE IN THE AOA OF THE COMPANY TO GIVE INTEREST ONSHARE APPLICATION MONEY... KINDLY TELL WHAT ARE THE COMPLIANCES TO BE FOLLOWED? CAN THE MONEY RECD BE TREATED AS UNSECURED LOAN OR DEPOSIT U/S 58A
11 February 2011
In my opinion, Share Application money pending allotment can not be treated as unsecured loan or deposit u/s 58A.
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