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Use of share application money

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(Querist)
09 May 2014 Dear Sir

can a private ltd company use share application money received,if allotment is not made within prescribed time limit of 60 days ??

please inform as per new companies Act 2013.
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Jigar Dhabalia

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Jigar Dhabalia (Querist)
10 May 2014 dear experts please provide an solution
thanks

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