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Share application money in cash

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(Querist)
15 September 2014 Dear All,

Is there any restriction on cash receipt of share application money?
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CS Mitesh Mehta

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CS Mitesh Mehta (Expert)
15 September 2014 yes.

Pursuant to section 42(5) of the Companies Act, 2013, All monies payable towards subscription of securities under private placement shall be paid through cheque or demand draft or other banking channels but not by cash.

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