P V R N & Co.

    P V R N & Co.

    Ramasubramanian

No ! Offer or invitation could work only prospectively. Section 42 cannot be made applicable for events happened under the Companies Act, 1956. There is no explicit provisions in Act dealing with existing share application money. You could treat as outstanding loans and file a return on or before 30.6.2014. for instance: Companies who have taken share Applications from known friends and relatives and kept for ages would have invested in real estates. There is no question of even refunding the money as there will not be any cash left in the Company as of now. We have one year left to regularise. The Government will issue a clarification under Section 470. Hence there is nothing to worry for the time being.