Sir,
While performing audit of a pvt ltd company i observed that the company has recieved share application money in excess of their authorised capital. Company holds these money for a period exceeding 60 days what are the penal provisions
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Share application money pending allotment
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Penality is to the extent of amount involved i.e. amount called as share application money and may extend to Rs. 2 crores per officer who is in default. under section 42(11)
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