One of our newly incorporated Company received money for further allotment of shares along with initial subscripttion money. can company do so?
Please advice its urgent.
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Allotment of shares
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Application money cannot be received unless Board passes resolution for issue of shares and letter of offer is issued. This is applicable in both the cases - rights issue u/s 62(1)(a) and private placement or preferential allotment u/s 62(1)(c) read with Sec.42.
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