There is no time limit under Companies Act, to refund share application money.
In case company issue shares against FDI, in that case the company will allot shares within 180 days from the received of consideration. The Company will file FC-GPR through Authorised Dealer to RBI within 30 days from the date of allotment as per Master Circular issued by RBI on July 1, 2010.
Form-2 will be filed with ROC with in 30 days from the date of allotment as per section 75 of the Companies Act, 1956.
10 December 2010
When a Company is making an allotment of shares, then in accordance with the provisions of section 75 of the Companies Act, 1956 within 30 days of the allotment, the Company is required to upload E-form 2 aloong with the List of Allottes on MCA21 Portal and pay the requisite filing fees. This provision of section 75 of the Companies Act, 1956 is applicable to both Public and Private Companies.
U can get the format of the List of Allottees from the instruction kit to fill Form 2 available on MCA Portal and in case the number of allottees exceed 10, then the list of Allottees has to be submitted in a CD with the concerned ROC.
As regards the refund of the Share Application money agreed with Ajay Sir, no time limit has been prescribed under the Companies Act, 1956.
10 December 2010
Thanks Ajay sir & Udit sir But in my client case AO has asked in questionnaire under heading LIABILITY The details of share application money in following format: Date of receipt, name of person, amount received, highlighted copy of bank statement where amount was received, REASON FOR NOT RETURNING IN SPECIFIED PERIOD.
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