Please confirm :
As per Section 39 of the Companies Act, 2013 (“The Act”) states that:
“No allotment of any securities of a company offered to the public for subscription shall be made unless the amount stated in the prospectus as the minimum amount has been subscribed and the sums payable on application for the amount so stated have been paid to and received by the company by cheque or other instrument”.
According to the above-quoted provisions, the minimum subscription and application money are the most important requirements for a valid allotment & filing of PAS-3
As a result, one could say that shares cannot be Allot until the application money has been paid to or received by the company (credited) via cheque or other instrument.
Is it right ? or we have any option ?
Dear Professionals!
Whether a High Court can reject the appeal regarding the dishonourment of cheque on the ground that petition filed for second statutory notice is not maintainable ?
cheque
dishonourment
relating
issue
n a cheque bounce case where non bailable warrant is issued, the parties reach a settlement amount, but the accused person doesn't want to appear before court
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