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Respected Sir/Mam, if any share application money is pending while commencement of New Act, then can that amount be appropriated against supply of goods and provisions of services within 365 days? If yes please mention the relevant provision.

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Posted By: Varun 9 year(s) ago

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


    Hitesh

Share application money shall be refunded, not adjusted. Please take payment of supply of goods and refund the share application money.

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    Mayur Mehta

No it is not possible. Share application money is recieved on capital account and the same came cannot be adjsuted to revenue item of supply of goods. As per law and the rules the share application money is to be used in allotment of shares or otherwise the same is to be refunded. Let me site an example. Can public deposit be adjusted against supply of goods because the company is unable to repay as per law? The answer is no.

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    Akansha

Yes, it can be appropriated

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