Ad Free CAclubindia and Daily Updates on your Mobile. Subscribe Now!

Very urgent query

CA.Sonia (professional) (517 Points)

18 September 2013

Dear All,

Can a Shareholder bring in an asset in consideration for allotment of shares in a pvt ltd co.

Please specify the relevant rule , where its mentioned.

Thanks,

Reply
Follow
Share

5 Replies

Ankit (CA, CS) (3064 Points)
Replied 18 September 2013

Dear Sonia,

Yes..it can be done….it will be shown under share issued for a consideration other than cash.

Under Section 75 of the Companies Act, 1956, issue of shares for consideration other than cash can be made by a company provided that they also file the relevant contract pursuant to which such allotment was made to the Registrar of Companies within thirty days of allotment.

Upgrade to CAclubindia Pro. Subscribe Now!

PUSHKAR (A/C) (30 Points)
Replied 18 September 2013

TAX CALCULATION ON SOCIETY INCOME if the total recpt of society is upto 1,60,00,000/- and profit is 1200000/- without approval of 12A under income tax.

parasmani pal (study) (33 Points)
Replied 18 September 2013

Ankit is right. See the rules in co. Act

CA.Sonia (professional) (517 Points)
Replied 18 September 2013

Thanks Ankit,

           Can you share the Contract format if you have ?
      And if the Contract is not filed till what time it can be filed ?
       As the shares have been allotted during December 12.

Thanks