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Share appli money accepted years before no allotment made

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(Querist)
06 November 2018 what consequences may follow under it act and under companies act
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
06 November 2018 That amount will be treated as public deposit accepted by the company without
complying the rules of The Companies (Acceptance of deposits) Rules, 2014
and, accordingly ,penal consequences per the said rules will follow.

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