Dear Experts,
Can we keep Share applictation money ?
If yes- How much time can we keep it
If No- what happen if we keep it.?
And suggest me relevent sections and rules
Thank you
5 Replies
Divakar
(Student CA Final )
(11857 Points)
Replied 16 November 2017
Refer section 42...within 60 days of receiving application money co have to allot share... If failed then within next 15 days money refunded to shareholders... After then 12% pa interest charged
Divakar
(Student CA Final )
(11857 Points)
Replied 16 November 2017
Rule 13 thereon capital and debentures
Divakar
(Student CA Final )
(11857 Points)
Replied 16 November 2017
In earlier law it is 15%, now in section 42..12%
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