our pvt ltd company received share application money from directors which we have not yet alloted
whether we have to file form 2 on receipt of share application money ?
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Allotment of share application money
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When Company allot shares in respect of such share application money then Form 2 has to be filed.
when it is said that company has alloted shares ?
is it through AGM ?
When Company receives share application money and wants to increase its paid up capital. Then a resolution is passed at a Board Meeting for allotment of shares. After passing the resolution, Form 2 is filed to give effect to such increase in capital.
Kindly note that with such increase, the paid up capital should not be more than the authorized capital of the Company.
we have received share application money in 2010-11, can we allot it in 2013-14 though AGM ?
in audit report it has been shown as share application money since 2010-11
As it is a private company can allot in 13 - 14 even when application money was recvd in 10 - 11.
It can be done by simply passing a resolution at Board Meeting. Shareholders approval is not required. Company is not required to wait for AGM.
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