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Company is continuously receiving prosecution notices from directors and shareholders from whom it has received share application money against allotment of shares and the figure of such money is appearing on the Balance for the year 2013, Is it a case of violation under section 74(1) and (3)?

Section 73- Prohibition on acceptance of deposits from public.

Posted By: Akansha 10 year(s) ago

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    RAMAMURTHY

Prosecution notices from whom? Are they notices from competent authority or from the persons who provided moneys to the company threatening to prosecute for non refund of share application monies. Has the matter already reached the prosecution court.

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    RAMAMURTHY

To answer this, one needs the date of receipt of monies originally and how the same were reflected in the balance sheet and whether they are shown as repayable amounts under current liability etc. in accordance with schedule VI note G(g).

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Expert    Ankit Singhi

There is no question of violation of section 74 because at the time of its acceptance the said sections were not in effect.

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