24 August 2009
Until allotment is made, the amount has to be kept under share application money account only. There is no time frame within which allotment has to be completed.
25 August 2009
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.
25 August 2009
I dont think the limit is so long it shoudl be around as lot of Shre holders money which is substantial in amount is at stack. It should be around a month
CAclubindia
