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Do the application money necessarily needs to come from the applicants bank account, If the applicant has transferred to one of the directors account and director in turn has transferred to company account, can the shares be allotted to the applicant?

Fund raising

Posted By: T.r.chadha & co. 9 year(s) ago

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


    s.m.a.millath

In the light of section 42(5),it would be advisable to ensure money is transferred to the individuals account by the director and he in turn applies for shares in the company. Legally also this would be the correct position in order to avoid being dubbed as benami of director.

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    Rahul Srivastava

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    Rahul Srivastava

Dear Sir, in case the applicant is a foreign company, its not allowed, since while complying with FEMA, KYC will not be confirmed. let me get back to you for the case when the applicant is a domestic shareholder.

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