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As per The Companies (Acceptance of Deposits) Rule 2014 – deposit shall not include – “ any amount received and held pursuant to a
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As per The Companies (Acceptance of Deposits) Rule 2014 – deposit shall not include – “ any amount received and held pursuant to an offer made in accordance with the provisions of the Act towards subscription to any securities, including share application money…..” It is further clarified that if the amount is not allotted within 60 days of receipt and not refunded within 15 days of completion of 60 days, then the amount shall be treated as deposit. Now, if a company is having share application money as on 31/03/2014, i.e. amount received under earlier Act and not allotted within 60 days of receipt. Also, it could not be refunded with 15 days of completion of 60 days. I have query- whether this amount be treated as deposit or not, as the amount received as share application money under Companies Act 1956 not in the provision of this Act.
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- Posted By: Sanjay 10 year(s) ago
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Sec 179(3) of CA 2013 states that the board shall excersice borrowing powers only through board meetings. The resolution passed b
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Sec 179(3) of CA 2013 states that the board shall excersice borrowing powers only through board meetings. The resolution passed by the Board has to be filed in MGT 14 within 30 days. Sec 180 states that company cannot borrow other than temporary loans exceeding total of pd up capital and free reserves except with the shareholders approval by way of spl resolution. Should the existing companies having borrowings and the borrowings exceeding total of pd up capital and free reserves as at 31st March 2014 pass the Board resolution and shareholders resolution even if they have not borrowed additionally in the FY 1415 ie after the commencement of provisions of CA 2013?.
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- Posted By: Latha 10 year(s) ago
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As per sub- section 6 of Section 42 , A company shall allot its securities within sixty days from the date of receipt of the appl
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As per sub- section 6 of Section 42 , A company shall allot its securities within sixty days from the date of receipt of the application money and if the company is not able to allot the securities within that period, it shall repay the application money to the subscribers within fifteen days from the date of completion of sixty days , otherwise it attracts penal provisions. In the given case, if the Company fails to allot shares or refund the amount due and if the Subscribers (Investors) furnishes an undertaking that they shall waive any interest or additional interest and agree to wait till such time the company allots the shares. Is this permissible?
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- Posted By: Manouj agrawaal, fca, partner 9 year(s) ago
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a. what shall be the status of the aforesaid advances already lying outstanding for more than 365 day as at 31st March, 2014 as th
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a. what shall be the status of the aforesaid advances already lying outstanding for more than 365 day as at 31st March, 2014 as the same were not treated as deposits under the erstwhile Companies Act, 1956? b. The Companies (Acceptance of Deposits) Rules and sections 73 to 76 of the Companies Act, 2013 were made effective from 01.04.2014. Does this mean that only the advances from customers received on or after 01.04.2014 shall be treated as deposits if they cross limit of 365 days, and that the advances received prior to 31.03.2014 shall continue to remain subsisting and are not to be treated as deposits even if they are more than 365 days old? c. Does the Company need to file any form or return to the ROC for the advances from customers lying outstanding for more than 365 days as at 31st March, 2014?
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An unlisted public company proposes to issue compulsorily convertible debentures on rights basis. It proposes to pass board resolu
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An unlisted public company proposes to issue compulsorily convertible debentures on rights basis. It proposes to pass board resolution and special resolution at general meeting for the issue as required u/s 71(1). Request the following clarifications: 1.Since debentures are compulsorily convertible, presume will not be covered by sub-sec (3) of sec 62, which deals with increase in subscribed capital arising from exercising option to convert. So would it be in order for the company to follow the process in sub-sec (1) & (2) of Sec 62 for issue of these debentures? 2.Would the company berequired to follow rule 13 of Cos.(Share Capital & Debentures) Rules for determination of the price of shares on conversion of debentures by registered valuer,though not a preferential issue but only a rights issue,which may result in shares allotted to persons other than shareholders through renunciation. 3.Where the offer is to less than 500 members, can the issue be made without appointing a debenture trustee and also without creating security on the company's property? Kindly clarify Request the following clarifications:
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- Posted By: Radha 9 year(s) ago
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- Posted By: R.kandasubramanian 9 year(s) ago
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My public limited closely held company wants to do allotment to existing shareholders (Right Issue) in Demat mode. My registered
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My public limited closely held company wants to do allotment to existing shareholders (Right Issue) in Demat mode. My registered office is in Agartala, Tripura and corporate office in Delhi.
My Board meeting for allotment will be held in Delhi and issue of share certificate will also be in delhi.
my queries are
1. Where I need to pay stamp duty on allotment/issue of share certificate ( Delhi or Tripura)
2. What is the applicable rate of duty at both the places
3. Relevant section applicable on transaction.
4. What is the procedure for paying the stamp duty.
5. Authority to be approached.
Pls guide on above.
9871293629
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