Compliance certificate

CS Ekta (Company Secretary) (309 Points)

30 September 2009  

Hi,

 Suppose a company's balance sheet reflects that there is share application money pending allotment.
 
 
As we know that any subscripttion received by a company against issue of share capital can be regarded as “subscribed share capital” only when the share capital is actually subscribed and allotted as well.
 
 
So will it be correct to provide under point no 13 of the compliance certificate (issued u/s 383A)   that “the Company has not issued any equity shares during the financial year.”