Time period for allotment of shares

This query is : Resolved

PRATICK SAHA (Querist)
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11 September 2013 OUR COMPANY IS A PRIVATE LIMITED COMPANY. THE COMPANY HAS RECEIVED MONEY FROM OVERSEAS FOR ALLOTMENT OF SHARES TO FOREIGN SHAREHOLDERS.
THE COMPANY HAS RECEIVED MONEY ON 17/04/2013 AND 17/05/2013 THROUGH PROPER BANKING CHANNELS.

AS PER RBI NORMS THE PRIVATE LTD CO. HAS TO ALLOT MONEY WITHIN 180 DAYS FROM THE DATE OF RECEIPT OF MONEY INTO THE BANK ACCOUNT.

MY QUESTION IS FROM WHICH DATE THE PERIOD OF 180 DAYS BE CALCULATED FOR THE PURPOSE OF ALLOTMENT OF SHARES. AS THE COMPANY RECEIVES THE MONEY IN INSTALLMENTS (PART - PART WISE)

Ajay Mishra

Ajay Mishra (Expert)
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11 September 2013 I have face the same problem

I have allotted the shares on receipt of all money.

The RBI issued a letter to me about the details of allotment.

There after they have not issued any letter since last two years.

But you will intimate the details of the amount of consideration, to the Regional office concerned of the Reserve Bank not later than 30 days from the date of receipt in the advance as and when you receive.