Can a private limited company can hold share application money for a unlimited time period because Section 69 of Companies Act is saying about Application money received from public?
Nidhi Jain (Chartered Accountant) (54 Points)
30 November 2007Can a private limited company can hold share application money for a unlimited time period because Section 69 of Companies Act is saying about Application money received from public?
Manish
(Chartered Accountant)
(42 Points)
Replied 30 November 2007
pawan lakhotia
(education)
(138 Points)
Replied 30 November 2007
| Originally posted by :Manish | ||
| " | Nidhi! I think, if any company holds unalloted share application money for a period exceeding seven years, then it has be depoisted in the Investors Education Fund. So, i believe that the statutory holding period for share application money is seven years. |
" |
But under which provision of Companies Act has it been laid down that the private unlisted company can retain the share application money for 7 years.........Section or Judgment?
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