cpc

share application money paid on behalf

managing Director

Sir,
I was a Director in Private Ltd Company and paid an amount of 5 lakhs as share application money via account payee cheque in year 2005 . No other papers are available with me since i was the majority shareholder. The Managing Director by issuing shares to himself has taken control of the company and its assets and the case is now pending before CLB. Now when the case came before CLB, MD is claiming another payment of 7 lakhs came from another company (owned by wife of MD) as share application money of his. My queries are this can another person or entities payment be claimed as ones share application money. Is there legal provisions in Company Law regarding sahre application money paid by applican himself or by another entity
 
Sir, I was a Director in Private Ltd Company and paid an amount of 5 lakhs as share application money via account payee cheque in year 2005 . No other papers are available with me since i was the majority shareholder. The Managing Director by issuing shares to himself has taken control of the company and its assets and the case is now pending before CLB. Now when the case came before CLB, MD is claiming another payment of 7 lakhs came from another company (owned by wife of MD) as share application money of his. My queries are this can another person or entities payment be claimed as ones share application money. Is there legal provisions in Company Law regarding the same
Sir, I was a Director in Private Ltd Company and paid an amount of 5 lakhs as share application money via account payee cheque in year 2005 . No other papers are available with me since i was the majority shareholder. The Managing Director by issuing shares to himself has taken control of the company and its assets and the case is now pending before CLB. Now when the case came before CLB, MD is claiming another payment of 7 lakhs came from another company (owned by wife of MD) as share application money of his. My queries are this can another person or entities payment be claimed as ones share application money. Is there legal provisions in Company Law regarding the same.
 
Read more at: http://www.caclubindia.com/forum/share-application-money-paid-by-company-285339.asp#.UyV114WgpNgSir, I was a Director in Private Ltd Company and paid an amount of 5 lakhs as share application money via account payee cheque in year 2005 . No other papers are available with me since i was the majority shareholder. The Managing Director by issuing shares to himself has taken control of the company and its assets and the case is now pending before CLB. Now when the case came before CLB, MD is claiming another payment of 7 lakhs came from another company (owned by wife of MD) as share application money of his. My queries are this can another person or entities payment be claimed as ones share application money. Is there legal provisions in Company Law regarding the same.
 
Read more at: http://www.caclubindia.com/forum/share-application-money-paid-by-company-285339.asp#.UyV114WgpNgSir, I was a Director in Private Ltd Company and paid an amount of 5 lakhs as share application money via account payee cheque in year 2005 . No other papers are available with me since i was the majority shareholder. The Managing Director by issuing shares to himself has taken control of the company and its assets and the case is now pending before CLB. Now when the case came before CLB, MD is claiming another payment of 7 lakhs came from another company (owned by wife of MD) as share application money of his. My queries are this can another person or entities payment be claimed as ones share application money. Is there legal provisions in Company Law regarding the same.
 
Read more at: http://www.caclubindia.com/forum/share-application-money-paid-by-company-285339.asp#.UyV114WgpNgSir, I was a Director in Private Ltd Company and paid an amount of 5 lakhs as share application money via account payee cheque in year 2005 . No other papers are available with me since i was the majority shareholder. The Managing Director by issuing shares to himself has taken control of the company and its assets and the case is now pending before CLB. Now when the case came before CLB, MD is claiming another payment of 7 lakhs came from another company (owned by wife of MD) as share application money of his. My queries are this can another person or entities payment be claimed as ones share application money. Is there legal provisions in Company Law regarding the same.

Read more at: http://www.caclubindia.com/forum/share-application-money-paid-by-company-285339.asp#.UyV114WgpNg
 
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Dear Arun,

Kindly appreciate that Managing Director is just an employee of the company whereas the riyal owner is always the shareholder that is you.

So here you are with all the legal right to recover the money from the company with damages and also from the Managing Director. Kindly also be informed that primefacie as per law it’s not allowed to claim another person’ or entities payment    

 Regards!

Kislay Panday

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