Bhaskar Bhojak (8 Points)
02 February 2017
Jaspreet
(CA)
(63 Points)
Replied 02 February 2017
In case of private placement, company will have to open a separate Bank Account for receiving the share application money and will not able to utilize the same unless shares are allotted.
Bhaskar Bhojak
(8 Points)
Replied 02 February 2017
We will be doing an right issue and not private placement. So we don't need to open an escrow account right. Please confirm. Thanks in advance.
CS Afsarjahan Quraishi
(company secretary)
(155 Points)
Replied 02 February 2017
yes,no need to open seprate bank a/c in case of right issue.
Jaspreet
(CA)
(63 Points)
Replied 02 February 2017
According to my understanding such condition is not given under section 62 of the act.
CAclubindia
