1)we have allotted shares to the foreign shareholders in lieu of the amount due to them for supply of some materials. do we have to comply with any statutory with RBI for issue of shares on credit amount. plz guide with applicable provisions.
whether under companies law we can allot shares for dues payable on behalf of the allottee.
26 August 2011
Yes as per companies act share can be allotted for due amount but there is maximum percentage for which share can be allotted of due amount.
Within 30days of allotment intimation should be given to the RBI and the sectoral cap should not be exceed if exceed than approval of RBI should be taken before allotment.
CAclubindia
