komal (cs) (25 Points)
26 May 2014in a Pvt. Ltd. company if the pending share application money is nt exceeding the authorised share capital but a big amount is received from some other pvt co.'s where the directors are same , is it required to allot or refund the share application money or section 186 will also attract of new Co's Act. or wht else can be done pls suggest soon.,
CA Gaurav Mittal
(Partner)
(1230 Points)
Replied 26 May 2014
There are two options which you can opt for :-
1) Either Convert the first company as a LLP. All the applicable rules wont apply.
2) Secondly, The first company can purchase share of other company upto a limit and if that limit is crossed then the company just need to file a special Resolution for the same.
but i prefer the first option.
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