23 March 2010
M/s. ABC in a private limited company. Its promoters infused equity capital of Rs. 18.00 lacs. It received subscription from M/s. XYZ LTD Company Rs. 30.00 lacs. Further the subscription is in process and more funds are expected by the end f April 2010. However as on 31st March 2010 total subscription received towards the equity shares is Rs. 48.00 as above. Shares are yet to be allotted. This money will stand as application money pending allotment in the balance sheet. Is there any violation in respect of section 372 of the companies Act?
CAclubindia
