14 November 2011
A pvt ltd company has 5 crore authorised share capital.The copmany has 2 crore paidup capital. during the year company has recd 9.41 crore as share application.but company has not increased its authorised capital. They have argued that they will increase share capital to extent 4cr and rest will be security primium. Is this action ok or not pls do reply
ALL THE ABOVE ASKED QUERRY WILL BE RESOLVED AFTER REVIEWING THE PROSPECTUS OF THE COMPANY.
YOU WILL INSURE FROM THERE WHAT IS APPLICATION AMOUNT. ON THE APPLICATION EXCESS RECEIVED AMOUNT WILL BE ADJUSTED WITH ALLOTMENT OR CALL OR WILL BE RETURN BACK TO THE APPLICANT.
ALSO IT WILL CLEAR THAT IS THERE ANY PREMIUM PAYABLE OR NOT.
14 November 2011
The company has not issued any prospectus as it's a pvt co (closely held) so shares are alloted to known parties who priviously holding shares.
CAclubindia
