Conversion of share application money into unsecured loan

Page no : 2

Akshay Shah (Practising Chartered Accountant) (29 Points)
Replied 27 December 2011

Dear Neha, will send you the draft of condonation as in one of the my client case, the same issue has happened as they havent intimate to RBI within time limit for receipt of foreign remittance..My ID is fcaakshayshah @ gmail.com

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(Guest)

My email id : nehajaincs @ gmail.com

Prashantha Kumar (Chartered Accountant) (38 Points)
Replied 10 February 2012

Neha,

Can you send me copy of condonation letter. I have a client who has to intimate to the RBI for delay. My Mail ID is prashantha_sharada @ yahoo.co.in

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Email has been sent to You.

CS YPN (COMPANY SECRETARY & COMPLIANCE OFFICER) (48 Points)
Replied 15 February 2012

Neha Mam,

Please mail the same draft letter for condonation of delay on nagarkaryuti @ yahoo.com

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chalapathi (partner) (170 Points)
Replied 13 July 2012

Hi Neha,

There is one private limited company which has received share application money from NRI but they disclosed to authorised dealer as this is against services and now they want to send it as share application money .Is it possible?

(Guest)

I will advise, that strictly its not impossible. But you will have to do laisoning with AD. In case you are able to manage the show and get your FIRC modified with respect to particulars mentioning purpose of receipt of funds then it is very much possible.

I trust this will help you somehow. Wish u luck.

Do revert for any other query.

Regards,

Neha

zankhana Trivedi (Company Secretary) (462 Points)
Replied 26 October 2012

Dear All

We had made all contravention good by filing in delay the relevant report say reporting of Inward remittance, Form FC-GPR for allotment of shares to RBI and have received the RBI letter for making refund of excess amount of Application money to NRI. Accordingly we have refunded the excess money to NRI. And even RBI has also issued UIN.

Now we have received letter from RBI for compounding of contravention by making an application.

Can you please guide me the procedure for such compounding and fees to be paid for such compounding.

Your early response in this matter will be highly appreciated.

Please guide me.