Query under companies act, 2013
GYAN RANJAN
(Querist) 29 January 2015
This query is : Resolved
Case details:-
Company has Share application money (pending allotment) for years ending 31.03.2012, 31.03.2013 and 31.03.2014.
Now Company has received a Show cause notice from ROC dt-23/12/2014 stating that there is a violation under section 205C of Companies Act. Because company has neither filed a form 5INV nor has done any treatment for the same in the previous years.
Acc to me now that the money is in the balance sheet for so long, it must be considered under the definition of Deposits.
Query:-
• Can I allot the shares?
• If yes, What is going to be the procedure?
• If no, what is the possible outcome?
• If it is a case related to Deposits, what is going to be the procedure for Refunding?
• Which form is required to be filed with MCA?
• What will be the rate of interest?
• How much Fine penalty will be attracted under Companies Act, 2013 for the same?
malipeddi jaggarao
(Expert) 31 January 2015
The company must be engaged the service of Company Secretary at the time of incorporation. Company Secretary can be consulted in this matter. It is not legal qauery.
