share application money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 January 2011
Dear Sir
Is there any maximum period by which money received by the company as share application money should be allotted. ours is a private ltd company.
Rgds
Dear Sir
Is there any maximum period by which money received by the company as share application money should be allotted. ours is a private ltd company.
Rgds
19 January 2011
There is no time limit as such but allotment should ideally be made within a period of 6 months from receipt.
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20 January 2011
The Companies Act does not specify any time limit. However allotment must be made within a reasonable time, else it may invite audit objections to keep the Share Application Money under that head for a long time.
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