Calls in Arrear
This query is : Resolved
10 February 2010
Dear Professionals
In the balance sheet of a company, calls in arrears are appearing for the past 10 years. Now the company wants to remove Calls in arrear from the balance sheet.
Pls advise the procedure to be followed by the company to forfeit calls in arrears
thanks & regards
CS. Deepika Bhardwaj
In the balance sheet of a company, calls in arrears are appearing for the past 10 years. Now the company wants to remove Calls in arrear from the balance sheet.
Pls advise the procedure to be followed by the company to forfeit calls in arrears
thanks & regards
CS. Deepika Bhardwaj
10 February 2010
Check out why it has remained in arrears for so long before forfeiting the shares. Was any dividend paid during any year on those shares? The procedure is subject to what is stated in the Articles of Assn of the company in this regard, u have not stated whether its a listed co / pvt ltd co / closely held ltd unlisted co.
10 February 2010
Thanks Mr. Menon
It is the case of a Listed Company.
Pls advice forfeitutre of calls in arrears is governed by which section of the Companies Act, 1956 or any other law and what would be the accounting treatment in such case.
with best regards
CS. Deepika Bhardwaj
It is the case of a Listed Company.
Pls advice forfeitutre of calls in arrears is governed by which section of the Companies Act, 1956 or any other law and what would be the accounting treatment in such case.
with best regards
CS. Deepika Bhardwaj
10 February 2010
Download a useful file for forfeiture of shares from the link given below:
https://www.caclubindia.com/forum/pcc-chapter-wise-law-notes-part-ii-49735.asp
Regards
https://www.caclubindia.com/forum/pcc-chapter-wise-law-notes-part-ii-49735.asp
Regards
10 February 2010
Pl c sec108 of Cos Act '56, since the shares r listed follow SEBI guidelines also.Notice to the parties is important as any short comming in the issue of notice can invalidate a forfeiture
10 February 2010
Thanks Mr. Garg and Mr. Menon
with best regards
CS. Deepika Bhardwaj
with best regards
CS. Deepika Bhardwaj
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