Share application money

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2015 COMPANY'S FINANCIAL POSITION IS WEAK AND UNABLE TO ISSUE THE SHARES AND REFUND THE PENDING APPLICATION MONEY TO THE PERSONS WHO APPLIED FOR THE ALLOTMENT OF SHARES.

THE APPLICATION MONEY RECEIVE FOR 2 YEAR AGO AND NOT ALLOT THE SAME.

THE APPLICATION MONEY EXCEED THE AMOUNT OF AUTHORIZED SHARE CAPITAL OF THE COMPANY.

1. MY QUESTION IS WHAT PLACE IN FINANCIAL STATEMENT I SHOW AND UNDER WHICH HEADING.

2. HAVE ANY CONTRAVENTION OF THE SECTION OF THE COMPANIES ACT 2013 AND RULE MADE THERE UNDER.

CA Kanj Goel

CA Kanj Goel (Expert)
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06 January 2015 Under current liabilities and share application money held for more than 60 Day and not refunded within 15 days become deposit on which you are liable to pay interest.

CA Kanj Goel

CA Kanj Goel (Expert)
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06 January 2015 Under current liabilities and share application money held for more than 60 Day and not refunded within 15 days become deposit on which you are liable to pay interest.

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Querist : Anonymous

Querist : Anonymous (Querist)

07 January 2015 yes. if not paid within time then it treat as a deposit under the companies act, 2013 and made rule thereunder.