Can share application money be paid in cash under Companies Act 1956/2013??
Thanks in advance.
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Share application money in cash
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Rule 8(3) of Unlisted Public Companies (Preferential Allotment) Rules 2003 prohibits this.
Im sorry I should have mentioned this in the question.Will it be allowed in a private company?
As of now, there is no restriction as such for private company. Section 42(5) of Companies Act 2013 prohibits share application money in cash. However, this Section has not yet come into force.
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