jagadeesh (Assistant) (24 Points)
19 March 2012MCA has issued Notification on 14th December regarding invitation and allotment of securities
According to that Shares should be alloted with in 60 days from the date receipt of share application money by the unlised public companies.
our client has received share application money before the date of this notification.
Please suggest whether these notification applicable to my client or not ?
If applicable the time limit of 60days will be counted from the date of Notification ?
Sonam Bidasaria
(CA)
(770 Points)
Replied 19 March 2012
I am not sure.
But if in the particular case,say if 16th December will be the 60th day for any share application money received by the Unlisted Public Company, then the Department of Company Affairs cannot expect from Company to make this allotment by 16th December.
According to me, it will be 60 days from the date of issue of notification.
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