09 March 2011
Sir..This has been provided under the Master Circular issued by RBI on FDI but in case share application money has been received from Residents then is any time limit has been prescribed under the Companies Act, 1956 within which the share must be allotted?
10 March 2011
Thanks for the d reply sir...but i m little confused as Section 205C(2) of the Companies Act, 1956 specifically provides that any application money recieved towards the securities of the Company and due for refund for more than 7 years shall stand transferred to "INVESTOR EDUCATION AND PROTECTION FUND". Is there any provision to get the refund on the merits of the case from such Fund??????
CAclubindia
