Hello
is it acceptable - if share capital is 50.00 lakhs and share application money is 1.30 crores??? If not what to do???.
PS Mani
Vijay Kumar.B
(A learner)
(185 Points)
Replied 28 January 2009
Hi,
There is a chance where share application money exceeds share capital but such excess share application money shall adjust against subsequent calls of refund the same to the applicants to whom it has been received on the occassion of not alloting any shares to them.
Prakash Popat
(3134 Points)
Replied 28 January 2009
It is acceptable,as that could be adjusted in future.
Muralidharan
(Self Employed)
(1034 Points)
Replied 29 January 2009
| Originally posted by :PS Mani | ||
| " | Hello is it acceptable - if share capital is 50.00 lakhs and share application money is 1.30 crores??? If not what to do???. PS Mani |
" |
Accepting share application money in excess of authorised share capital is wrong. If your intention is to allot shares, then immediately arrange to increase the authorised share capital and allot the shares
Murali
Prakash Popat
(3134 Points)
Replied 30 January 2009
Application money may have portion of share premium too,therfore nothing wrong in it.
hemishp
(Company Secretary)
(32 Points)
Replied 05 February 2009
There is nothing wrong with it as long as the nominal value of the issued capital does not exceed 50 lakhs.. excess can shown as Share premium
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