Share application money in excess of asc

Hi All,

Kindly provide with ur valubale comments...

Thr s pvt. ltd co., whose authorised is 20lac and paid up is 18lac. Its share application money for the last four years is 4lac whcih makes it in excess by 2lac.

The bs for the last four years has been audited and the figure is constant. Is thr ne time limit for issue of shares or refund of share application money as per companies act. And also is it fair on the part of CA to audit the bs with no qualification on Share Application Money.