Share application money
This query is : Resolved
04 October 2013
Dear professionals,
A pvt ltd which Balance sheet showing share application money pending for allotment on 31-03-2012 can company without refunding the same convert its share application money pending for allotment into unsecured loan.
please do let me know, if yes than under which provision it is dealt.
regards
Amit
A pvt ltd which Balance sheet showing share application money pending for allotment on 31-03-2012 can company without refunding the same convert its share application money pending for allotment into unsecured loan.
please do let me know, if yes than under which provision it is dealt.
regards
Amit
04 October 2013
You can not convert Share Application Money into Unsecured Loan.
What you can do is first refund Share Application Money and then accept again the same amount as Unsecured Loan by that party.
What you can do is first refund Share Application Money and then accept again the same amount as Unsecured Loan by that party.
08 October 2013
But Aryan ji, where it is mentioned that a company can not convert so, as per my knowledge company act is silent on this issue so where can I fetch the relevant provisions
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