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Private placement

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 May 2015 In case of a private company, if company has received an application money 2 months back but they have not opened a separate bank account & now they want to allot the shares, so is it a non compliance & what will be the way out for this?
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Pratik Shah

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Pratik Shah (Expert)
14 May 2015 Non-compliance.
1. If they are not existing shareholders, then share application should have been received in separate bank account.
2. The share application money is pending since more than two months, then the company should have refunded the money back. If it is still not refunded, then such amount will be considered as 'Deposit' as per definition of Deposit.
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Querist : Anonymous

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Querist : Anonymous (Querist)
14 May 2015 Thanks a lot for resolving my query.
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