Urgent
This query is : Resolved
Priya Sharma
(Querist)
10 February 2011
Dear Experts
I have a query under fema provisions.
The company has accpeted Rs.2 lacs from foreign promoter(body corporate) as subscription money at the time of its incorporation in 2003 and issued shares fro rs. 1 lac only and had utilised the remaining Rs. 1 lac for its own use in the operations of the company and shares for Rs. 1 lac to the promoter has not been alloted till today . Now the RBI is questioning why till today the shares for Rs.1 lac has not been alloted.
Is there any way out tto this situation?
Regards
Priya Sharma
I have a query under fema provisions.
The company has accpeted Rs.2 lacs from foreign promoter(body corporate) as subscription money at the time of its incorporation in 2003 and issued shares fro rs. 1 lac only and had utilised the remaining Rs. 1 lac for its own use in the operations of the company and shares for Rs. 1 lac to the promoter has not been alloted till today . Now the RBI is questioning why till today the shares for Rs.1 lac has not been alloted.
Is there any way out tto this situation?
Regards
Priya Sharma
Jayashree S Iyer
(Expert)
10 February 2011
If FIRC showed the purpose of inward remittance as "Share application money", then shares should have been alloted within 6 months of receipt of money or the balance money should have been refunded.
Check the purpose specified in FIRC. If it contains "business purpose", etc. you may have a escapte route.
Check the purpose specified in FIRC. If it contains "business purpose", etc. you may have a escapte route.
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