28 April 2011
i hv an pvt ltd which authorised share capital is 1 lacs, in the month of march i hv recd share application money rs 75 lacs through RTGS, till i have not increase my authorised capital, so what issue will raised in this transaction , and if now i want to increase share capital what's the procedure and is there any penalty will be attract kindly clarify . thanks in advance
28 April 2011
Ideally the ASC should be increased before accepting the application money. However you can always substantiate the delay in increasing the ASC by saying that there was delay in holding Board / EGM. If the delay is reasonable then there shouln't be any problem.
Since it's only a month from the date of receipt of application money, hold the BM / EGM immediately and take steps to increase the ASC.
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