padmini (Student) (25 Points)
04 July 2008i have received cheque for share application money. but i have not yet deposited in the bank.
Is there any time limit for depositing the share application money received ?
Should share application money be realised for making allotment.
In case the cheque received is not realised and gets dishonoured, what would be the consequences?
Satyendra sahu
(service)
(216 Points)
Replied 04 July 2008
Yes, there is time limit of 15 days from the date of receipt of share application money, shares must be alloted. Otherwise it will attract heavy penalty of interest.
If you have not yet deposite the cheque, then deposit it at the earliest.
In case if cheque is not realised, then you not bound to allot the share.
Pl comment , have I replied all your question ?
poonam verma
(Company Secretary)
(191 Points)
Replied 08 July 2008
pls tell me the section acc. to which shares are to be alloted within 15 days of receipt of share appl.money.
CAclubindia
