Share application money

CA Sanjay Baheti (PROPRIETOR) (1155 Points)

14 March 2014  

In case of closely held Pvt.Ltd Co. taken Share Application Money from Directors & their Relatives in the Month of April/May,2013 can be retained in this account till Sept,2013 & then further issue of Capital at face value plus Premium in Oct,2013 by way of filing Form 2 to ROC.

Now query is whether any contravention as per the New Companies Act,2013 or not