Share application money
This query is : Open
30 May 2014
Dear Sir, Query : what is impact of Share Application Money accepted after Oct 2013 which is not allotted ? e.g : A Pvt.Co and C Pvt Co. company have introduced Share application Money in (B) Pvt . co., SPV of A and C. in Oct 2013, Dec 2013, and Jan 2014. if, now A will not allot share till this day e.g may 2014 or , than it would consider as Loan ? Section relating to Share Application are : 42, Rule 11 of Prospectus & Allotment. Regards.
30 May 2014
yes, it shall be regarded as loan.
30 May 2014
after which period . till 31.03.2014 there ws no law for refund of share application money in pvt. company. and after 1.4.2014 new company act is applicable.
and what if we not return that money under companies act, 2013.
and what if we not return that money under companies act, 2013.
30 May 2014
What is definition of Loan, If we assume section 42 is applicable than after 60 + 15 days we retain that money and refund with interest after some time. is that transaction attract section 185 ?
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