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Company has taken Share Application Money from one person, to whom we have to allot shares and the Authorized share capital of the company is also to be increased by the amount of share application money. Now my confusion is, there any violation of the provisions of section 42 of the Companies Act, 2013, or simply we can increase the ASC of the Company and after that to allot shares?

Section 42 - Issue of shares on private placement basis.

Posted By: Prekshi gupta 10 year(s) ago

This question has been closed if you want to answer,you have to re-open.


    Anil

Yes. Please follow/adhere to private placement rules and section 42 & 62.

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Expert    Ankit Singhi

If u have not complied the provision of section 42 & 62 then it’s a default.

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